Ripple Price Analysis: XRP/USD Testing Key Support
Ripple price made a nice upside move before facing sellers near $0.5245 against the US dollar.
There was a break below a crucial bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently trading near a major support zone at $0.4750 and the 100 hourly simple moving average.
Ripple price is correcting lower against the US Dollar and Bitcoin. XRP/USD must hold the $0.4750 support to bounce back in the near term.
Ripple Price Support
After a major upside move, Ripple price found resistance near the $0.5245 level against the US Dollar. The XRP/USD pair formed a high at $0.5245 and started a downside correction. It declined below the $0.5000 support and moved into a short-term bearish zone. Moreover, there was a break below the 61.8% Fib retracement level of the last leg from the $0.4690 low to $0.5245 high.
Additionally, there was a break below a crucial bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair is now trading near a crucial support at $0.4750, which was a resistance earlier. More importantly, the 100 hourly simple moving average is positioned near the $0.4740 level to prevent declines. Therefore, as long as the price is above the $0.4750 support and the 100 hourly SMA, it is likely to bounce back in the near term. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.5245 high to $0.4750 low.
Looking at the chart, the price remains nicely supported near $0.4750. Should there be a break below this, the price could accelerate declines towards the $0.4500 support level.
Looking at the technical indicators:
Hourly MACD The MACD for XRP/USD gained momentum in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for XRP/USD is currently struggling well below the 50 level.
Major Support Level $0.4750
Major Resistance Level $0.4900
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