- Ripple price fell recently, testing the USD 0.5000 support area against the US dollar.
- There is a large bearish trendline on the hourly chart of the XRP / USD pair (data source from Kraken) with a resistance at USD 0.5120.
- The pair is currently under pressure below the $ 0.5120 and $ 0.5200 resistance levels.
Ripple price is struggling to achieve bullish momentum against the US dollar and Bitcoin. XRP / USD may further consolidate below $ 0.5200 in the next few sessions.
Ripple price analysis
After testing the $ 0.5200 resistance, the ripple price fell again against the US dollar. The XRP / USD pair swung high at $ 0.5255 and traded below the $ 0.5150 level. There was even a closing price below the $ 0.5100 level and the 100 hour simple moving average. The decline was such that the price rose below the $ 0.5000 support. However, the price later rebounded and is currently consolidating above $ 0.5000.
Initial resistance is the 23.6% Fib retracement level of the recent slide from the high of $ 0.5255 to the low of $ 0.4970. There is also a large bearish trendline with resistance at USD 0.5120 on the hourly chart of the XRP / USD pair. Around the trendline, the 50% fib retracement level is the recent slide from the high of $ 0.5255 to the low of $ 0.4970 at $ 0.5114. Therefore, if the pair corrects higher, it could find strong resistance near $ 0.5115 and $ 0.5120. Above the trendline, the next big hurdle for buyers is near the $ 0.5200 level. On the flip side, there is an initial support at $ 0.4970, below which the price could drop again at $ 0.4860.
Looking at the chart, the ripple price is well below the $ 0.5200 resistance area. If buyers continue to experience no traction, the price may drop towards $ 0.4860 or $ 0.4700.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP / USD is in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is well below the 50 level.
Main support tier – $ 0.4970
Main Resistance Level – $ 0.5200