Key Highlights
- Ripple price declined further and broke the $0.7800 support level against the US dollar.
- Yesterday’s highlighted important bearish trend line is still intact with resistance near $0.7950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate declines and it could soon test the next support at $0.7480 in the near term.
Ripple price is under pressure against the US Dollar and bitcoin. XRP/USD may continue to move down towards the next key support at $0.7480.
Ripple Price Resistance
There was an increase in selling pressure from the in Ripple price against the US Dollar. The price initially held the $0.8000 support area and attempted a recovery. However, it could not move above the $0.8500 resistance level, which resulted in a rejection. There was a sharp downside reaction and the price broke the 76.4% Fib retracement level of the last major wave from the $0.7800 swing low to $0.9240 high.
It has opened the doors for more declines below $0.8000. At the moment, the price is trading below the $0.7800 support, which is a bearish sign. If sellers remain in action, the price towards $0.7500. The next major support is the 1.236 Fib extension of the last major wave from the $0.7800 swing low to $0.9240 high. On the upside, yesterday’s highlighted important bearish trend line is still intact with resistance near $0.7950 on the hourly chart of the XRP/USD pair.
Looking at the , the pair is under a lot of pressure below $0.8000. If XRP has to recover, buyers need to clear the trend line, $0.8000 resistance, and the $0.8100 pivot level. Above $0.8100, the price may test the 100 hourly simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is reaching the oversold levels.
Major Support Level – $0.7480
Major Resistance Level – $0.8000
Published at Wed, 09 May 2018 06:30:52 +0000
Analysis
