Key Highlights
- Ripple price extended slides recently, but it found support near $0.4860 against the US dollar.
- There was a break above a key bearish trend line with resistance at $0.5050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently trading above $0.5000 and it could recover above $0.5200 in the near term.
Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD is positioned nicely for more upsides towards the $0.5200 or $0.5280 levels.
Ripple Price Analysis
There was a major downside correction from the $0.5600 swing high in ripple price against the US Dollar. The XRP/USD pair declined below the $0.5400 and $0.5200 support levels. There was even a close below the $0.5180 support and the 100 hourly simple moving average. Later, the price declined below the $0.5000 support and tested the $0.4860 support level.
The price started consolidating losses and it later managed to recover above $0.4950 and $0.5000. There was also a break above a key bearish trend line with resistance at $0.5050 on the hourly chart of the XRP/USD pair. The pair tested the 23.6% Fib retracement level of the last decline from the $0.5615 high to $0.4863 low. However, the upside move is facing sellers near the $0.5050 level and the 100 hourly SMA. If there is an upside break above $0.5050, the price could climb towards the $0.5200 resistance. The next hurdle is the 50% Fib retracement level of the last decline from the $0.5615 high to $0.4863 low at $0.5239.
Looking at the chart, ripple price is currently showing positive signs above the $0.5000 and $0.4860 support levels. Therefore, it may perhaps climb above $0.5100 and $0.5180 in the near term. If buyers fail, the price could slide towards $0.4750.
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 currently above the 50 level.
Major Support Level – $0.4860
Major Resistance Level – $0.5200
