Key Highlights
- Ripple price is currently trading below the $0.4615 and $0.4660 resistance levels against the US dollar.
- There was a break below a contracting triangle pattern with support at $0.4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct a few points lower, but it could find support near the $0.4400 and $0.4230 levels.
Ripple price is consolidating above key supports against the US Dollar and Bitcoin. XRP/USD must break the $0.4615 and $0.4660 resistances to climb higher.
Ripple Price Analysis
After Ripple price failed near the $0.4750 resistance, there was a downside correction against the US Dollar. The XRP/USD pair declined and tested the $0.4400 support area. A low was formed at $0.4399 before the price started an upside move. It recovered above the $0.4500 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the recent decline from the $0.4748 high to $0.4399 low.
However, the price struggled to break the $0.4600 and $0.4615 resistance levels. Moreover, there was no close above the 50% Fib retracement level of the recent decline from the $0.4748 high to $0.4399 low. As a result, there was a downside reaction below the $0.4550 level. There was also a break below a contracting triangle pattern with support at $0.4550 on the hourly chart of the XRP/USD pair. At the outset, the pair seems to be struggling to break the triangle resistance trend line, which is currently at $0.4580. Therefore, there could be a fresh decline towards the $0.4400 or $0.4300 level before the price bounces back.
Looking at the chart, ripple price must break the $0.4615 and $0.4660 resistance levels to trade to a new high above the $0.4748 level.
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 above the 50 level.
Major Support Level – $0.4400
Major Resistance Level – $0.4660
