Key Highlights
- Ripple price is currently consolidating below the $0.4500 and $0.4600 resistances against the US dollar.
- There is a key contracting triangle formed with resistance at $0.4460 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is preparing for the next break either above $0.4500 or below $0.4280.
Ripple price is trading in a tight range against the US Dollar and Bitcoin. XRP/USD may soon make the next move either above $0.4500 or towards $0.4000.
Ripple Price Analysis
Yesterday, we discussed that ripple price may correct higher above $0.4200 and $0.4300 against the US Dollar. The XRP/USD pair did recover higher after trading as low as $0.4011. It moved above the $0.4180 resistance and traded with a positive bias. During the upside, it broke the 23.6% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low.
However, the price faced a strong resistance near the $0.4500 zone, which was a support earlier. There were a couple of attempts to trade above $0.4500 and $0.4520, but buyers failed. Later, the price started consolidating and it is currently trading above the $0.4260-80 support. There is also a key contracting triangle formed with resistance at $0.4460 on the hourly chart of the XRP/USD pair. A break above the triangle could push the price towards $0.4680 and the 100 hourly simple moving average. An intermediate resistance is the 50% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low at $0.4590.
Looking at the chart, ripple price seems to be preparing for the next break either above $0.4500 or below $0.4280. If there is a downside break, the price could trade below the $0.4250 and $0.4120 support levels. The main support is at $0.4000 and the key resistance is at $0.4500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.
Major Support Level – $0.4280
Major Resistance Level – $0.4500
