- Ripple price traded further higher and almost tested the $ 0.5250 resistance against the US dollar.
- There is a new bearish trend line in place with resistance at $ 0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently holding an important support near $ 0.4750, which was a resistance earlier.
Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD must stay above the $ 0.4700-0.4750 support to resume its upside move.
Ripple Price Support
Yesterday, there were further gains in Ripple price above the $ 0.5000 level against the US Dollar. The XRP/USD pair gained momentum and broke the $ 0.5100 resistance. It traded close to the $ 0.5250 resistance before sellers appeared. A high was formed at $ 0.5196 and the price started a downside correction. It declined below the $ 0.5000 support area to start a major correction.
There was a break below the 50% Fib retracement level of the wave from the $ 0.4531 low to $ 0.5196 high. However, the decline was protected by a major support near $ 0.4750. The stated level was a resistance earlier, and it is now preventing declines below $ 0.4700. Moreover, the 100 hourly simple moving average is also at $ 0.4720 to act as a support. On the upside, there is a new bearish trend line in place with resistance at $ 0.4850 on the hourly chart of the XRP/USD pair. The pair has to move above the trend line and $ 0.5000 resistance to resume its upside move in the near term.
Looking at the chart, the price is holding the $ 0.4750 support very well. If it fails to stay above $ 0.4700, the price could move back in a bearish zone. The next supports are at $ 0.4550 and $ 0.4500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $ 0.4750
Major Resistance Level – $ 0.5000