Key Highlights
- Ripple price started a short term correction and moved above .4400 against the US dollar.
- There was a break above a major bearish trend line with resistance at .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 .4500 resistance area.
Ripple price is trading below key resistances against the US Dollar and Bitcoin. XRP/USD may well correct towards the .4500 resistance and the 100 hourly SMA.
Ripple Price Analysis
Yesterday, there was a nasty downside move below the .4400 support in ripple price against the US Dollar. The XRP/USD pair even traded below the .4340 support, but later it recovered. The price settled above the .4400 level and spiked above the 50% Fib retracement level of the recent slide from the .4601 high to .4262 low. However, the price failed to surpass the .4470 resistance.
There was also a rejection near the 61.8% Fib retracement level of the recent slide from the .4601 high to .4262 low. The price traded back towards .4360 and later recovered. Recently, there was a break above a major bearish trend line with resistance at .4410 on the hourly chart of the XRP/USD pair. Therefore, there is a chance that the price could correct higher once again towards .4500. However, the price is likely to face a strong resistance near .4470, .4500 and the 100 hourly simple moving average. Only a close above .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 .4400. The main supports are .4360 and .4340, below which the price may decline to the .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 – .4340
Major Resistance Level – .4500
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