Key Highlights
- Ripple price traded as low as $0.8014 before starting a fresh upside wave against the US dollar.
- There is a significant bearish trend line in place with resistance near $0.8480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair has to break the trend line resistance and $0.8500 to accelerate higher in the near term.
Ripple price is making nice moves against the US Dollar and bitcoin. XRP/USD buyers must clear a crucial hurdle near $0.8500 to push the price in the positive zone.
Ripple Price Upside Hurdle
Recently, we move from well above $0.9000 in Ripple price against the US Dollar. The price declined below the $0.8800 and $0.8500 support levels. It even broke the 76.4% Fib retracement level of the last upside leg from the $0.7810 low to $0.9241 high. The downside move was such that the price almost test the $0.8000 level. A low was formed at $0.8014 before buyers appeared and protected further losses.
Later, a fresh upside wave was initiated and the price moved above the $0.8200 resistance. There was a break above the 23.6% Fib retracement level of the last drop from the $0.9241 high to $0.8014 low. However, the price is facing a near the $0.8480 level. A significant bearish trend line is in place with resistance near $0.8480 on the hourly chart of the XRP/USD pair. Moreover, the 38.2% Fib retracement level of the last drop from the $0.9241 high to $0.8014 low is near $0.8432 to act as a resistance.
Looking at the , it seems like the price is struggling to break the $0.8480 resistance. Therefore, a proper close above $0.8480 and $0.8500 is needed for further gains. On the downside, the $0.8200 and $0.8000 levels are decent supports.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Level – $0.8200
Major Resistance Level – $0.8500
Published at Tue, 08 May 2018 06:30:04 +0000
Analysis
