- Ripple price recovered a few points, but it faced sellers near $0.5250 against the US dollar.
- There is a short term bullish trend line formed with support at $0.5050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to consolidate above the $0.5000 support in the next couple of sessions.
Ripple price is currently trading in a range against the US Dollar and Bitcoin. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.
Ripple Price Analysis
Yesterday, we discussed that ripple price could recover towards the $0.5200 level against the US Dollar. The XRP/USD pair did move higher and cleared the $0.5100 and $0.5180 resistance levels. The upward move was positive as the price even surpassed the $0.5200 level and settled above the 100 hourly simple moving average. However, the price failed near $0.5250 and the 50% Fib retracement level of the last drop from the $0.5610 swing high to $0.4860 swing low.
The price topped at $0.5253 and later started a downside correction. It moved below $0.5150 and the 23.6% Fib retracement level of the recent wave from the $0.4872 low to $0.5253 high. The current price action is positive above the $0.5000 support area. There is a short term bullish trend line formed with support at $0.5050 on the hourly chart of the XRP/USD pair. Besides, the 50% Fib retracement level of the recent wave from the $0.4872 low to $0.5253 high is acting as a support. As long as the price is above the trend line, $0.5000 and the 100 hourly SMA, it could recover once again.
Looking at the chart, ripple price is currently consolidating above the $0.5000 support. Buyers will most likely make another attempt to push the price above $0.5200 and $0.5250 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is hovering near the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.5250
Author: Aayush Jindal