- Ripple price traded as high as $ 0.5626 and later corrected lower against the US dollar.
- There was a break below a major bullish trend line with support at $ 0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct further lower towards the $ 0.5080 or $ 0.4940 support level in the near term.
Ripple price is correcting recent gains against the US Dollar and Bitcoin. XRP/USD remains nicely supported on the downside near the $ 0.5080 level.
Ripple Price Analysis
Yesterday, there was a solid bullish pattern formed above the $ 0.5400 level in ripple price against the US Dollar. The XRP/USD pair traded above the $ 0.5600 level and formed an intraday high at $ 0.5626. Later, the price started a bearish correction and traded below the $ 0.5400 level. During the slide, the price broke the 23.6% Fib retracement level of the last wave from the $ 0.4609 low to $ 0.5626 high.
More importantly, there was a break below a major bullish trend line with support at $ 0.5300 on the hourly chart of the XRP/USD pair. The pair even traded below the $ 0.5280 support level recently. The next key support is near the $ 0.5115 level. It represents the 50% Fib retracement level of the last wave from the $ 0.4609 low to $ 0.5626 high. If there are further losses, the price may find support near $ 0.5080 or $ 0.4940. Besides, the 100 hourly simple moving average is positioned near the $ 0.4995 level to act as a strong support.
Looking at the chart, ripple price is currently correcting gains from the $ 0.5626 high. Having said that, there are many supports on the downside between $ 0.4940 and $ 0.5115. Once the current wave is complete, the price may perhaps bounce back above $ 0.5400.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved sharply below the 50 level.
Major Support Level – $ 0.5080
Major Resistance Level – $ 0.5400