Ripple Price Analysis: Can XRP/USD Bounce Back?
- Ripple price declined a few points recently after trading as high as $0.4877 against the US dollar.
- There is a key bullish trend line forming with support at $0.4680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may dips a few more points, but it remains supported above the $0.4650 level.
Ripple price is placed in a bullish zone against the US Dollar and Bitcoin. XRP/USD must break the $0.4800 and $0.4860 resistances to trade further higher.
Ripple Price Support
During the past 2-3 days, there were decent bullish moves above $0.4600 in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.4750 and $0.4800 resistance levels. A high was formed at $0.4877 before the price started a downside move. It declined and broke the 23.6% Fib retracement level of the last wave from the $0.4629 low to $0.4877 high.
Moreover, there was a break below an ascending channel with support at $0.4820 on the hourly chart of the XRP/USD pair. The pair tested the $0.4750 support where buyers appeared. Furthermore, the price tested the 50% Fib retracement level of the last wave from the $0.4629 low to $0.4877 high. At the moment, the price is consolidating losses near the $0.4780 level and the 100 hourly simple moving average. On the downside, there is a key bullish trend line forming with support at $0.4680 on the same chart. Therefore, if the price dips further from the current levels, it could find support near the $0.4700 and $0.4680 levels.
Looking at the chart, the price is placed in a bullish zone above $0.4700. On the upside, a break above the $0.4800 and $0.4850 resistance levels may perhaps clear the path for more gains.
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 currently just above the 40 level.
Major Support Level – $0.4700
Major Resistance Level – $0.4850