- Ripple price declined further and tested the $0.4350 support area against the US dollar.
- This week’s followed crucial bearish trend line is intact with resistance at $0.5480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair seems to be facing a tough resistance near the $0.5480 and $0.5500 resistance levels.
Ripple price bounced back after testing key supports against the US Dollar and Bitcoin. XRP/USD needs to gain momentum above $0.5500 to accelerate upsides.
Ripple Price Analysis
There were further slides noted below the $0.5000 support in Ripple price against the US Dollar. The XRP/USD pair cleared the $0.4500 support area and settled below the 100 hourly simple moving average. The decline was such that the price tested the $0.4350 level. A low was formed at $0.4365 and the price corrected higher. It bounced back above the $0.5000 level.
Moreover, there was a break above the 50% fib retracement level of the last drop from the $0.5823 high to $0.4365 low. However, gains were protected by the $0.5480 and $0.5500 resistance levels along with the 100 hourly SMA. More importantly, this week’s followed crucial bearish trend line is intact with resistance at $0.5480 on the hourly chart of the XRP/USD pair. The 76.4% fib retracement level of the last drop from the $0.5823 high to $0.4365 low also stalled gains. To recover further, the price has to move above the trend line and settle above the $0.5500 resistance.
Looking at the chart, ripple price is showing positive signs above the $0.4500 level. Having said that, it won’t be easy for buyers to push the price above the $0.5500 barrier. On the downside, the $0.4700 level is an initial support followed by the $0.4500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Level – $0.4700
Major Resistance Level – $0.5500
The post Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.55 appeared first on NewsBTC.