Key Highlights
- Ripple price held the $0.4270 support and recovered nicely against the US dollar.
- There is a short-term connecting bullish trend line in place with support at $0.4370 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently declining, but it remains nicely supported near the $0.4350 and $0.4270 levels.
Ripple price jumped higher yesterday against the US Dollar and Bitcoin. XRP/USD is placed in a positive zone as long as it is above $0.4270.
Ripple Price Trend
After a major decline below the $0.4300 level, Ripple price found support near $0.4270 against the US Dollar. The XRP/USD pair formed a base and started an upward move above $0.4400. It even broke the $0.4500 level and the 100 hourly simple moving average. However, it failed to hold gains above the $0.4600 and declined sharply below $0.4500. There was even a close below the $0.4500 level and the 100 hourly SMA.
An intermediate low was formed at $0.4329 before the price moved back higher. It tested the 50% Fib retracement level of the last drop from the $0.4607 high to $0.4329 low. The upward move was capped by $0.4490 and the 100 hourly SMA. The price is again declining towards the $0.4370 support. There is also a short-term connecting bullish trend line in place with support at $0.4370 on the hourly chart of the XRP/USD pair. As long as the price is above the $0.4370 support, it could bounce back above the $0.4500 level.
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Looking at the chart, the price is placed nicely above the $0.4370 and $0.4270 support levels. Below $0.4270, the price may extend declines towards the $0.4100 level. On the upside, a proper break and close above the $0.4500 resistance is required for more recoveries.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently sliding below the 50 level.
Major Support Level – $0.4270
Major Resistance Level – $0.4500
