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- Equity prices have recently risen, exceeding resistance levels of USD 0.4240 and USD 0.4500 against the US dollar.
- The price hit a new weekly high of $ 0.4599 and is currently trending down.
- A major bullish trend curve is formed with support at USD 0.4320 on the hourly chart of the XRP / USD pair (Kraken data source).
- The pair is likely to rebound as long as it is trading above the pivot level of $ 0.4152.
The purchase price is trading with a positive bias against the US dollar and Bitcoin. The XRP is currently correcting highs, but the troughs remain well supported above the $ 0.4200 level.
Ripple price badysis
Over the last two days, there has been a sharp rise in the ripple price above the resistance of 0.4200 USD against the US dollar. The XRP / USD pair recently broke many resistance, including 0.4250 USD, 0.4350 USD, 0.4420 USD and 0.4500 USD. The fence was above the $ 0.4300 level and the 100-hour moving average. The price has traded back to the $ 0.4600 level and hit a new weekly high at $ 0.4599. Recently, it began a downward correction and traded below the support levels of $ 0.4550 and $ 0.4500.
In addition, there was a break below the Fib retracement level of 23.6% of the recent leg, which went from 0.4152 USD to 0.4599 USD. However, there are many downside supports near the $ 0.4360 and $ 0.4320 levels. The 50% Fib retracement level of the recent segment, from US $ 0.4152 to US $ 0.4599, is currently close to US $ 0.4375. Most importantly, a major uptrend line is formed with 0.4320 USD support on the XRP / USD time chart.
As a result, the current correction wave is expected to end around $ 0.4360 or $ 0.4320. If there is a break below the trend line and $ 0.4300, the price could extend the losses. The next major support is close to the $ 0.4150 level, which has recently been used as a buying area on many occasions. Intermediate support stands at $ 0.4258 and the Fib retracement level is 76.4% of the recent leg, down from a low of $ 0.4152 to a high of $ 0.4599.
Looking at the chart, the ripple price is trading well in an uptrend above the $ 0.4320 support level. The price is likely to rebound once the current correction is over near $ 0.4320 or $ 0.4150. Any further decline below $ 0.4150 is highly unlikely. On the upside, the initial resistance is around 0.4500 USD, price above which the price should return to the level of 0.4600 USD.
Technical indicators
Hourly MACD – The MACD for XRP / USD is gaining strength in the bearish zone.
RSI (Hourly Relative Strength Index) – The RSI for XRP / USD currently holds level 50, with neutral signs.
Key support levels – 0.4320 USD, 0.4250 USD and 0.4150 USD.
Main resistance levels – 0.4500 USD, 0.4520 USD and 0.4600 USD.
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