Key Highlights
- Ripple price started a short term correction and moved above $0.4400 against the US dollar.
- There was a break above a major bearish trend line with resistance at $0.4410 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently struggling to gain traction, but it may soon test the $0.4500 resistance area.
Ripple price is trading below key resistances against the US Dollar and Bitcoin. XRP/USD may well correct towards the $0.4500 resistance and the 100 hourly SMA.
Ripple Price Analysis
Yesterday, there was a nasty downside move below the $0.4400 support in ripple price against the US Dollar. The XRP/USD pair even traded below the $0.4340 support, but later it recovered. The price settled above the $0.4400 level and spiked above the 50% Fib retracement level of the recent slide from the $0.4601 high to $0.4262 low. However, the price failed to surpass the $0.4470 resistance.
There was also a rejection near the 61.8% Fib retracement level of the recent slide from the $0.4601 high to $0.4262 low. The price traded back towards $0.4360 and later recovered. Recently, there was a break above a major bearish trend line with resistance at $0.4410 on the hourly chart of the XRP/USD pair. Therefore, there is a chance that the price could correct higher once again towards $0.4500. However, the price is likely to face a strong resistance near $0.4470, $0.4500 and the 100 hourly simple moving average. Only a close above $0.4500 and the 100 hourly SMA could push the price back in a positive zone.
Looking at the chart, ripple price still in a downtrend, with an immediate support at $0.4400. The main supports are $0.4360 and $0.4340, below which the price may decline to the $0.4262 low.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is neutral around the 50 level.
Major Support Level – $0.4340
Major Resistance Level – $0.4500