Key Highlights
- Ripple price is struggling near the $0.4950 and $0.5000 resistance levels against the US dollar.
- Yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break the $0.4950 and $0.5000 hurdles to accelerate higher in the near term.
Ripple price is trading in a bearish zone against the US Dollar and Bitcoin. XRP/USD could gain upside momentum if buyers push the price above $0.4950.
Ripple Price Analysis
Yesterday, we saw a downside reaction below the $0.5000 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.4600 level and formed a low at $0.4619. Later, there was an upside correction above the $0.4800 level. There was a break above the 23.6% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low. However, the upside move was protected by the $0.5000 resistance and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low is at $0.4950. The pair seems to be finding a strong selling interest near the trend lines, 100 SMA, and the $0.4950 level. A break above this could increase chances of a push above the $0.5000 resistance. If buyers succeed in clearing the $0.5000 resistance, the next target could be $0.5120.
Looking at the chart, ripple price is clearly struggling near the $0.4950 and $0.5000 resistance levels. As long as the price is below the $0.5000 level, it could decline back to $0.4700 or $0.4600.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved back below the neutral 50 level.
Major Support Level – $0.4700
Major Resistance Level – $0.4950
