Key Highlights
- Ripple price struggled to move above the $0.5700-0.5750 resistance area against the US dollar.
- There is a major bearish trend line formed with resistance at $0.5700 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could find a strong buying interest near the $0.5080 and $0.4920 levels in the near term.
Ripple price remains supported on dips against the US Dollar and Bitcoin. XRP/USD could test $0.5000 and $0.4920 where buyers are likely to emerge.
Ripple Price Analysis
There was an upward move from the $0.4360 swing low in Ripple price against the US Dollar. The XRP/USD pair cleared the $0.4500 support area and settled below the 100 hourly simple moving average. The decline was such that the price tested the $0.4350 level. A low was formed at $0.4365 and the price corrected higher. It bounced back above the $0.5000 level.
However, the upside move was capped by the $0.5700-0.5750 zone. There is also a major bearish trend line formed with resistance at $0.5700 on the hourly chart of the XRP/USD pair. The pair is currently correcting lower below the $0.5400 level. It has breached the 23.6% fib retracement level of the last wave from the $0.4352 low to $0.5742 high. On the downside, there is a decent support formed near the $0.5040 level. It coincides with the 50% fib retracement level of the last wave from the $0.4352 low to $0.5742 high. On the upside, a break above the $0.5450 level may call for a test of the $0.5750 resistance.
Looking at the chart, ripple price is placed in a bullish zone above the $0.5040 level. It could continue to move higher towards $0.5750, above which the next target for buyers may be $0.5900.
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 around the 50 level.
Major Support Level – $0.5040
Major Resistance Level – $0.5400
