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Key Points
- The price of the ripple extended its downward move and broke the support area by $ 0.3400 against the US dollar
- The uptrend line highlighted yesterday was interrupted with support at $ 0.3405 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair has declined to the $ 0.3200-50 support area and is currently correcting higher.
The price of the ripple has undergone an increase in selling pressure against the US dollar and Bitcoin. The XRP / USD is moving higher, but the previous support at $ 0.3400 could act as resistance
Resistance to the price of undulations
Yesterday a short-term downward correction was initiated by $ 0.3580 in Ripple price against the US dollar. The XRP / USD pair declined and broke levels of $ 0.3500 and $ 0.3450. Subsequently, the sellers gained traction and the price fell below the $ 0.3400 support and the 100-hour moving average. The price also broke the Fib retracement level of 1.8% from $ 0.3190 down to $ 0.3579.
More importantly, the uptrend line highlighted yesterday was discontinued with support at $ 0.3405 on the hourly chart of the XRP / USD pair. The pair traded towards the $ 0.3200 support and set an intraday low at $ 0.3230. Subsequently, the price was corrected above the $ 0.3300 level. He also broke the Fib retracement level to 23.6% of the last slide from $ 0.3579 up to $ 0.3230 down. It seems that the price may gradually rise higher towards the resistance of $ 0.3400 and the 100-hour SMA. However, it will not be easy for buyers to clear $ 0.3400 and the 50% Fiber retracement level of the last slide from the low of $ 0.3579 to $ 0.3230 minimum.
to the graph, the price of ripple follows an upward channel and could rise to $ 0.3400. If he can not break $ 0.3400, he could go back to the $ 0.3200 short-term support. In contrast, above $ 0.3400, the price could rise above $ 0.3500.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently below the 50 level.
Major Support Level – $ 0.3200
Main resistance level – $ 0,3400
