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Key points
- The price of the ripple gained traction and stabilized above the support area of $ 0.3600 against the US dollar.
- C & # 39; is a key upside channel with support for $ 0.3600 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could submerge some points, but remains supported near $ 0.3600 and $ 0.3680.
The price of ripple rose higher recently against the US dollar and bitcoin. The XRP / USD remains well supported on the downside near $ 0.3600 and could recover in the short term.
Price analysis of undulations
Yesterday we discussed that the price of ripple has moved into a positive zone with a close above $ 0.3600 compared to the US dollar. The pair XRP / USD gained bullish momentum and exceeded resistance levels of $ 0.3780 and $ 0.3880. The upward move was positive because there was an adequate close above the $ 0.3600 support and the simple 100-hour moving average. The price tested the resistance of $ 0.4000 and traded up to $ 0.4016.
Subsequently, the price started a downward correction and traded below the $ 0.3900 level. There was a break below the 23.6% Fibra retracement level of the recent recovery from the low of $ 0.3357 to $ 0.4016. However, there are many supports near the levels of $ 0.3680 and $ 0.3600. In addition, there is a key upward channel with support for $ 0.3600 on the hourly chart of the XRP / USD pair. The 50% Fibra retracement level of the recent upturn from the low of $ 0.3357 to $ 0.4016 is also close to $ 0.3680. Finally, the 100-hour SMA is positioned near the $ 0.3600 support area.
Looking at the chart, the ripple price is clearly positioned in a positive zone above the $ 0.3600 support. As long as there is no closure under the 100-hour SMA, the price could rise above $ 0.3900 and $ 0.4000.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly returning to the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is close to level 50.
Main support level: $ 0.3600
Main resistance level – $ 0.4000
Source connection
