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- The purchase price hit a new monthly record at $ 0.4777 and has recently fallen against the US dollar.
- The price broke through support levels of $ 0.4570 and $ 0.4400 to enter a bearish zone.
- This week's crucial upward channel was interrupted with support at USD 0.4500 on the hourly chart of the XRP / USD pair (Kraken data source).
- The pair traded at $ 0.3999 and is likely to suffer more short-term losses.
The wave price has fallen sharply against the US dollar, like bitcoin. XRP has broken through the support level of 0.4400 USD, tested at 0.4000 USD and is currently in the process of correcting its key resistance levels.
Ripple price badysis
Yesterday, we saw further price rises above US $ 0.4500 against the US dollar. The XRP / USD pair traded above the resistance of 0.4600 USD even exceeded the last highest swing. A new monthly high was formed at $ 0.4777 before the price began to drop significantly. He broke many important supports, starting with $ 0.4550 and $ 0.4500. There was a sharp decline under support of $ 0.4400 and the single moving average every hour.
Most importantly, this week's crucial upward channel was broken with support at $ 0.4500 on the XRP / USD time chart. The pair also fell below support levels of $ 0.4180 and $ 0.4100. He tested the support zone at $ 0.4K and is currently correcting the losses. The recovery was above the 0.401 USD level and the Fib retracement level was 23.6% from the recent decline, from a high of 0.4777 USD to 0.3999 USD. However, the level of 0.4240 USD is currently a resistance.
On the upside, many resistances are around the $ 0.4300 and $ 0.4400 levels. The main resistance is close to $ 0.4400 and the single moving average every 100 hours. To start a new increase, the price must break the resistance zone by $ 0.4400. In addition, the level of Fib retracement of 50% of the recent low of the lowest at $ 0.4777 to $ 0.3999 is also close to the level at $ 0.4388. On the downside, the initial support is close to the USD 0.4050 level, below which there is an additional downside risk below the USD 0.4000 support threshold.
Looking at the chart, the price of the ripples seems to be struggling under the $ 0.4240 and $ 0.4300 levels. There may be a slight upward movement, but the bulls are likely to struggle to earn close to $ 0.4300 or $ 0.4400. Therefore, as long as the price is trading below the level of 0.4400 USD and the ADM every 100 hours, there is a risk of more inconvenience.
Technical indicators
Hourly MACD – The MACD for XRP / USD is slowly reducing the recent downtrend.
RSI (Relative Strength Index) – The RSI for XRP / USD is now well below Level 40, with a negative angle.
Key support levels – 0.4100 USD, 0.4050 USD and 0.4000 USD.
Main resistance levels: 0.4240 USD, 0.4300 USD and 0.4400 USD.
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