- The price of the ripple (XRP) was corrected soon.
- The XRP / USD is currently nearing the bottom of a rising channel that has supported the $ 0.70 level on the hourly chart.
- The pair now offers $ 0.6500 support
- Ripple, however, continues to struggle for existence in the market.
Ripple is in decline against US dollar and Bitcoin. The XRP / USD pair has been corrected slightly upward.
Ripple is in the market struggle
The past week was a downward movement in the Ripple price against the US dollar, well above the $ 0.80 level. The price, even with support levels of $ 0.75 and $ 0.70, was close to $ 0.63. There was a drop of $ 0.63, which is where the price began to head upwards. Ripple rallied above the $ 0.70 level and gained an upward momentum.
However, Ripple faces a strong resistance zone of around $ 0.74 and $ 0.75. The upward movement has been maintained by a downward trend line of $ 0.75, a simple moving average of 100 hours and a current resistance of $ 0.73. At this point, the price has fallen to below $ 0.74 from $ 0.63 to the 23.6% Fib retracement level of the last wave. More importantly, the XRP / USD is now nearing the bottom of an uptrended channel that supports the hourly chart at $ 0.70
, trying to earn more than $ 0.70 in price. Ripple can be further reduced and raise the 50% Fib retreat of the last wave to $ 0.75 from $ 0.69. The XRP can re-test $ 0.65 below $ 0.69.
Ripple price analysis
Hourly MACD: The MACD for the XRP / USD parity is based on the MACD,