Key Highlights
- Ripple price is holding the $0.4600 support area with no bearish pressure against the US dollar.
- There is a short term bearish trend line formed with resistance at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could retest the $0.4600 or $0.4520 support level before a fresh upward move.
Ripple price is trading with a positive bias against the US Dollar and Bitcoin. XRP/USD did not decline more than 1% whereas BTC/USD and Ethereum fell more than 10%.
Ripple Price Analysis
There was a decent support base formed near the $0.4600 level in ripple price against the US Dollar. The XRP/USD pair remained above the $0.4600 support and did not decline. On the other hand, bitcoin and Ethereum were under a lot of bearish pressure and both fell more than 10%. Recently, XRP price moved above the $0.4700 level and the 100 hourly simple moving average.
Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $0.5206 high to $0.4600 low. However, the upside move was capped by the $0.4950 resistance. It seems like the price failed to gain traction above $0.5000 and declined. There was also a rejection near the 61.8% Fib retracement level of the recent decline from the $0.5206 high to $0.4600 low. More importantly, there is a short term bearish trend line formed with resistance at $0.4850 on the hourly chart of the XRP/USD pair. Therefore, the price could correct lower towards the $0.4600 support in the near term.
Looking at the chart, ripple price is trading with a lot of strength above the $0.4600 support. If there is a short term bearish reaction, buyers could appear near $0.4600 or $0.4520.
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 struggling to move above the 50 level.
Major Support Level – $0.4600
Major Resistance Level – $0.5000
