Key Highlights
- Ripple price declined once again and broke the $0.6800 support level against the US dollar.
- There is a major bearish trend line forming with resistance at $0.6800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently testing a key support area near $0.6470, which could produce an upside correction.
Ripple price fell and broke key supports against the US Dollar and bitcoin. XRP/USD remains below a major pivot level at $0.7000 with risk of more declines.
Ripple Price Decline
There was a crucial rejection noted around the in Ripple price against the US Dollar. The price failed to break $0.7100 and the 100 hourly simple moving average. As a result, there was a fresh downside move and the price moved below the $0.6900 and $0.6800 support levels. The decline was real since there was even a close below the $0.6800 support and the price is now well below 100 hourly SMA.
The decline paused near an important support area at $0.6450, which prevented losses on many occasions earlier. A low was formed at $0.6471 before the price started consolidating in a range. It is currently testing the 23.6% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low. There are chances of more upsides towards $0.6800, but there are on the upside. A major bearish trend line is also in place with resistance at $0.6800 on the hourly chart of the XRP/USD pair.
Looking at the , the 50% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low is positioned near $0.6806 to prevent recoveries. On the downside, the $0.6450 and $0.6400 levels are important supports, followed by $0.6200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly recovering from the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher from the 30 level.
Major Support Level – $0.6450
Major Resistance Level – $0.6800
Published at Fri, 18 May 2018 06:30:20 +0000
Analysis
