Key Highlights
- Ripple price found support around the $0.7610 level and recovered a few points against the US dollar.
- This week’s highlighted crucial bearish trend line with resistance at $0.8010 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair has to settle above $0.8000 and $0.8100 to recover further in the near term.
Ripple price is slowly recovering against the US Dollar and bitcoin. XRP/USD must close above $0.8100 to gain traction and correct further higher towards $0.8400.
Ripple Price Trend
During the past few days, we saw a from the $0.8800 swing in Ripple price against the US Dollar. The price even broke the $0.8000 and $0.7800 support levels this week to move into a bearish zone. It traded as low as $0.7610 recently where buyers appeared. Later, the price started an upside correction and moved above the 23.6% Fib retracement level of the last drop from the $0.8454 high to $0.7610 low.
The most important move was a break above this week’s highlighted crucial bearish trend line with resistance at $0.8010 on the hourly chart of the XRP/USD pair. The pair even traded a few points above the $0.8000 level. However, the by the 61.8% Fib retracement level of the last drop from the $0.8454 high to $0.7610 low. It is currently moving lower and is testing the previous resistance (now support) at $0.7920. If the price fails to stay above the $0.7920-00 levels, it could decline back towards $0.7600.
Looking at the , the current price action is still bearish as long as the price is below $0.8000 and $0.8100. A proper close above $0.8100 is needed for buyers to gain traction and the price to recover further.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.
Major Support Level – $0.7900
Major Resistance Level – $0.8100
Published at Thu, 10 May 2018 06:30:23 +0000
Analysis
