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Ripple Price Analysis: Can XRP/USD Recover Above $0.4500?
Key HighlightsRipple price is trading in a range below a key resistance at $0.4500 against the US dollar.Yesterday’s highlighted major declining channel is still active with resistance at $0.4480 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to clear the $0.4480 and $0.4500 resistances as long as it is above $0.4380.Ripple price is consolidating in a tiny range against the US Dollar and Bitcoin. XRP/USD faces tough resistances near $0.4500 and $0.4520 for a decent recovery.Ripple Price ResistanceRecently, we saw a major downside move below the $0.5000 pivot level in Ripple price against the US Dollar. The XRP/USD pair tumbled and settled below the $0.4500 support. It traded as low as $0.4394 and is currently consolidating losses. There was a minor upside move above the $0.4400 level, but upsides were capped. The 23.6% Fib retracement level of the last drop from the $0.4879 high to $0.4394 low acted as a resistance.The price is slowly moving lower and is currently trading near $0.4450. It seems like yesterday’s highlighted major declining channel is still active with resistance at $0.4480 on the hourly chart of the XRP/USD pair. A break above the channel resistance could push the price toward the $0.4500 and $0.4510 resistance levels. Above these, there are chances of more gains in XRP. The next crucial resistance is at $0.4640 and the 100 hourly simple moving average.Looking at the chart, the price may perhaps continue to trade in a range above $0.4400. As long as the $0.4400 and $0.4380 support levels are intact, ripple could move above the $0.4500 resistance. On the flip side, a break below $0.4380 may well clear the path for more declines towards $0.4200.Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is currently neutral in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.Major Support Level – $0.4380Major Resistance Level – $0.4500
Author: Aayush Jindal
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