[ad_1]
Key points
- The price of the ripple is currently consolidating above the low of $ 0.2903 against the US dollar.
- There is a significant downtrend line in place with resistance at $ 0.3145 on the 4-hour chart of the XRP / USD pair (data source from Poloniex).
- The pair may soon make the next move above $ 0.3150 or below $ 0.2903.
The price of the ripple is preparing for the next key break against the US dollar. The XRP could perhaps fall further below $ 0.2903 and $ 0.2800 if there are no outages above $ 0.3145.
Price analysis of undulations
After a sharp decline, the price of ripple was traded towards the $ 0.2900 level against the US dollar. The XRP / USD pair was low at $ 0.2903 and stood below the 55 simple (4 hours) moving average. Subsequently, the price began to consolidate losses above the support area of $ 0.2900-0.2910. He recently recovered above the $ 0.3200 level. Furthermore, there was a break above the Fib retracement level of 23.6% of the last drop from the low of $ 0.4098 to $ 0.2903 low.
However, the upward move was limited by the $ 0.3350 level. The declared level of $ 0.3350 was a previous support and now prevented a bullish break. More importantly, there is a significant bearish trend line in place with resistance at $ 0.3145 on the 4-hour chart of the XRP / USD pair. The trend line coincides with the 55 simple (4 hours) moving average, which is at $ 0.3180. Therefore, a correct break above $ 0.3145 and $ 0.3180 levels is necessary for an upward break. The next resistance is $ .3350, followed by the 50% fiber retracement level of the last drop from $ 0.4098 high to $ 0.2903 below.
Looking at the chart, the price of ripple appears to be in preparation for the next move either above $ 0.3145 or below $ 0.2903. If there is a bearish rupture, the price could go down to $ 0.2650 or even $ 0.2500.
Looking at the technical indicators:
4-hour MACD: the MACD for XRP / USD is in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD has fallen below the 50 level.
Key support level – $ 0.2903
Key resistance level – $ 0.3145
