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Key Issues
- The price of the ripple is forming a solid base of support close to the $ 0.4270 level against the US dollar.
- There was a short-term outage above a bearish trend line at $ 0.4320 on the hourly chart of the XRP / USD pair (source data from Kraken).
- The pair could move above $ 0.4370 to gain traction towards the $ 0.4500 level in the near term.
The price of the ripple is showing positive signs against the US dollar and Bitcoin. XRP / USD must exceed $ 0.4370 to test the next obstacle near the $ 0.4500 level.
Resistance to the price of undulations
Many rejected were close to the $ 0.4270 level in Ripple's price against the US dollar. The XRP / USD pair formed a solid base of support around $ 0.4270 and moved higher. The price was traded above the Fib retracement level of 23.6% of the last slide from the low of $ 0.4446 to $ 0.4266 minimum. These are positive signs, but the price is facing a key resistance near $ 0.4370.
During the recent upturn, there was a short-term break above a bearish trend line at $ 0.4320 on the hourly chart of the XRP / USD pair. However, the price suffered a strong selling interest near $ 0.436-70 and the 100-hour moving average. In addition, the 50% fiber retracement level of the last slide from the low of $ 0.4446 to $ 0.4266 low also acted as resistance. Therefore, in the short term there could be a slight downward push towards the $ 0.4300-20 zone. On the upside, a break above $ 0.4370 could open the door for further gains towards the $ 0.4500 level.
Looking at the chart, the price remains well supported above the $ 0.4270 level. Should there be a break below this, the price could move towards the $ 0.4100 level. The general injury is positive as long as the price exceeds $ 0.4270.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is inserted in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently moving lower towards level 50.
Major Support Level – $ 0.4270
Main resistance level – $ 0.4370
