Key Highlights
- Ripple price traded to a new weekly low below $0.4250 before recovering against the US dollar.
- There is a new major bearish trend line in place with resistance near $0.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is recovering nicely, but it has to break the $0.4450 and $0.4500 resistances to gain further.
Ripple price bounced back from lows against the US Dollar and Bitcoin. XRP/USD is now facing a crucial resistance near the $0.4450 level.
Ripple Price Upside Hurdle
There was an extended decline below the $0.4300 level in Ripple price against the US Dollar. The XRP/USD pair declined further and broke the $0.4250 support area. A new weekly low was formed at $0.4229 before the price started an upside recovery. There was a decent bounce and the price moved above the $0.4300 resistance. Moreover, it broke the 23.6% Fib retracement level of the last decline from the $0.4811 high to $0.4229 low.
There are many positive signs from the $0.4229 low, but the price is currently facing many hurdles. There is a new major bearish trend line in place with resistance near $0.4450 on the hourly chart of the XRP/USD pair. The same trend line is near the 38.2% Fib retracement level of the last decline from the $0.4811 high to $0.4229 low. Above the trend line, the next hurdle is near the $0.4500 level. Finally, the 100 hourly simple moving average is positioned near the $0.4520 level to act as a resistance.
Looking at the chart, the price is recovering nicely, but a break above the $0.4450 and $0.4500 resistance levels won’t be easy. If the price fails to move above $0.4500, it could decline once again towards the $0.4300 support.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD moved back nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving higher towards the 60 level.
Major Support Level – $0.4300
Major Resistance Level – $0.4500
