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Key points
- The price of the ripple was traded in a range and struggled to cancel the resistance of $ 0.4000 compared to the US dollar.
- There was a break above an important bearish trend line with resistance at $ 0.3650 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is watching a bullish break above the resistance levels $ 0.3950 and $ 0.4000.
The price of the ripple is currently consolidating the gain compared to the US dollar and Bitcoin. The XRP / USD could soon stop the resistance by $ 0.4000 and extend the gains above $ 0.4200.
Price analysis of undulations
Last week, it was a nice upward move above the resistance of $ 0.3500 in the ripple price compared to the US dollar. The pair XRP / USD even broke the resistance of $ 0.3820, but struggled to cancel the resistance from $ 0.3950 and $ 0.4000. Later, he corrected lower, but the area from $ 0.3450 to 0.3500 had strong support. He rebounded and traded back over $ 0.3650 plus the simple 100-hour moving average.
Furthermore, there was a break above an important bearish trend line with resistance at $ 0.3650 on the hourly chart of the XRP / USD pair. The pair has traded up to $ 0.3943 recently and is currently undergoing consolidation. Initial support is close to $ 0.3800 and the Fib retracement level 23.6% from the recent wave from $ 0.3478 low to $ 0.3943 high. However, key support is positioned around the $ 0.3700 level. Furthermore, there is an uptrend line with support for $ 0.3680 on the same chart. Also the 50% Fibra retracement level of the recent wave, from $ 0.3478 down to $ 0.3943, is close to $ 0.370. Therefore, the downturns to the $ 0.3700 level are likely to find strong support.
Looking at the chart, the price of ripple may soon stop the resistance of $ 0.4000. The next major obstacles are $ 0.4120 and $ 0.4200, followed by $ 0.4320.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is positioned well in the bullish zone.
Relative Strength Index (RSI) – The RSI for XRP / USD is well above level 65.
Main support level: $ 0.3700
Main resistance level – $ 0.4000
Source connection
