[ad_1]
- The stock price seems to be struggling near resistance of 0.3700 and 0.3740 dollar against the US dollar.
- The price has corrected downward recently, but it stayed above the main support at $ 0.3480.
- A major uptrend line is forming with support close to USD 0.3510 on the hourly chart of the XRP / USD pair (Kraken data source).
- The pair could either rebound to $ 0.3700 or fall below $ 0.3480 in the near term.
The ripple price is currently trading in a range relative to the US dollar and bitcoin. XRP seems to be preparing for the next move, at around $ 0.3700 and $ 0.3740 or below support at $ 0.3480.
Ripple price badysis
Recently, we have seen a nice upward rise from the benchmark price of $ 0.3500 against the US dollar. The XRP / USD pair has even surpbaded the 0.3650 USD resistance and the single moving average every 100 hours. He climbed to the $ 0.3800 level, but struggled to keep his gains above the $ 0.3740 resistance. Later, several attempts were made to overcome the resistance of 0.3740 USD, but buyers failed to gain ground. As a result, there was a downward correction below $ 0.3600 and the price started trading in a range.
He broke the 50% Fib retracement level from the bottom up movement of $ 0.3256 to $ 0.3790. However, the support zone of $ 0.3480 was a strong support and helped prevent declines. There was also no break below the Fib retracement level of 61.8% from the upward move from the low of $ 0.3256 to $ 0.3790. In addition, a major uptrend line is formed with support close to the $ 0.3510 of the XRP / USD time chart. The pair is currently trading at around $ 0.3550 and below the single 100-hour moving average.
There are two possible scenarios, with the pivot level at 0.3480 USD. The price could rebound and revisit the resistance level of $ 0.3700. In addition, a convincing break above the 0.3740 USD resistance could pave the way for further gains. Alternatively, there could be a break below the trend line and support at $ 0.3480. In the bearish case mentioned, the price should return to the key support area of 0.3250 USD.
Looking at the chart, the ripple price will clearly trade in a range above the support level of 0.3480 USD. Consolidation may continue before the next key break, above $ 0.3740, or close to $ 0.3250. In the event of a decline, the price could fall in the short term to $ 0.3250 and $ 0.3160.
Technical indicators
Hourly MACD – The MACD for XRP / USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD has recently fallen below the 50 level.
Key support levels – $ 0.3510, $ 0.3480 and $ 0.3250.
Main resistance levels – 0.3600 USD, 0.3700 USD and 0.3740 USD.
Source link
