Key Highlights
- Ripple price is consolidating in a tight range above the $0.6400 support against the US dollar.
- Yesterday’s highlighted contracting triangle with current support at $0.6450 is still active on the hourly chart (data source from Kraken).
- The pair is likely approaching a breakout either above the $0.6900 level or below $0.6400 support.
Ripple price is preparing for the next move against the US Dollar and bitcoin. XRP/USD is likely to break higher above $0.6900 if buyers take control.
Ripple Price Resistance
There was no major move above the $0.6800 level in Ripple price against the US Dollar. The price remained in a tight range and it seems like it is preparing for the next move. The recent low was formed at $0.6473 before the price moved back above $0.6500. It traded above the 23.6% Fib retracement level of the last drop from the $0.6821 high to $0.6473 low.
The best part is the fact that yesterday’s highlighted contracting triangle with current support at $0.6450 is still active on the hourly chart. The pair is well supported above the $0.6450 and $0.6400 support levels. On the upside, an initial resistance is close to the 61.8% Fib retracement level of the last drop from the $0.6821 high to $0.6473 low. However, a proper break above the $0.6800 resistance is needed for further gains. Above $0.6800, the price may the $0.6900 and $0.7000 resistance levels.
The suggests that the pair is soon approaching a major break either above $0.6800-0.6900 or below the $0.6400 support. If it breaks down and clears the $0.6400 support, there could be an increase in bearish pressures. Below $0.6400, the next major support awaits near the $0.6000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is attempting to move above the 50 level.
Major Support Level – $0.6400
Major Resistance Level – $0.6800
Published at Wed, 18 Apr 2018 06:30:21 +0000
Analysis
