Key Highlights
- Ripple price recently tested the $0.4600 resistance where sellers emerged against the US dollar.
- There is a connecting bullish trend line forming with support near $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may perhaps continue to find buyers near the $0.4500 and $0.4450 levels in the near term.
Ripple price is trading in a positive zone against the US Dollar and Bitcoin. XRP/USD remains buy on dips near the $0.4450 and $0.4400 support levels.
Ripple Price Analysis
After trading as low as $0.4478 recently, ripple price started an upside correction against the US Dollar. The XRP/USD pair moved above the $0.4500 and $0.4550 resistance levels. There was a decent break above the 23.6% Fib retracement level of the recent decline from the $0.4740 high to $0.4478 low. However, the price failed to break the key resistance area near $0.4600.
Moreover, the price failed to clear the 50% Fib retracement level of the recent decline from the $0.4740 high to $0.4478 low. The price retreated from the $0.4600 resistance and traded below the $0.4550 level. At the moment, the price is testing the $0.4520 level and the 100 hourly simple moving average. More importantly, there is a connecting bullish trend line forming with support near $0.4500 on the hourly chart of the XRP/USD pair. If the pair dips from the current levels, it is likely to find bids near the $0.4500 and $0.4450 levels in the near term. Below $0.4450, the next support awaits near $0.4410.
Looking at the chart, ripple price is trading nicely in a positive zone above the $0.4400 pivot level. Once there is a break above the $0.4600 resistance, the price could climb back towards the $0.4740 and $0.4800 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Major Support Level – $0.4450
Major Resistance Level – $0.4600
