Ripple price recovered nicely and moved above the $0.4500 and $0.4600 resistances against the US dollar.
Yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair will most likely face a strong selling interest near the $0.4860 and $0.4900 resistances.
Ripple price managed to correct higher against the US Dollar and Bitcoin. However, XRP/USD is likely to struggle near $0.4900 and the 100 hourly SMA.
Ripple Price Analysis
Yesterday, we saw a nasty decline in ripple price below the $0.5000 support against the US Dollar. The XRP/USD pair broke the $0.4600, $0.4500 and even $0.4200 support. It traded towards the $0.4000 level and formed a low at $0.4020. Later, the price started a decent upside recovery and moved above $0.4500. Buyers managed to push the price above the 23.6% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low.
More importantly, yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair. The pair is currently trading near the $0.4800 resistance. Besides, the 61.8% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low is acting as a resistance. Above $0.4800, the main resistance is near the $0.4860 and $0.4900 levels. The 100 hourly simple moving average is also positioned near the $0.4920 level to act as a strong resistance. Therefore, it won’t be easy for buyers to clear the $0.4860, $0.4900 and $0.4920 levels.
Looking at the chart, ripple price may perhaps consolidate in the short term above $0.4700. Finally, there could be an attempt to clear the $0.4900 resistance. On the downside, the key support is at $0.4500 followed by $0.4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4900