Key Highlights
- Ripple price declined sharply and even broke the $0.8200 and $0.8000 support levels against the US dollar.
- Yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to decline further and it may even break the $0.7650 support in the near term.
Ripple price declined heavily against the US Dollar and bitcoin. XRP/USD is currently trading below $0.8000 and it may continue to decline towards $0.7200.
Ripple Price Downtrend
There was above $0.8500 in Ripple price against the US Dollar. The price continued to trade lower and it failed to correct above a major resistance near $0.8600. It fell and broke the $0.8200 and $0.8000 support levels to set the pace for more declines. It even broke the last swing low of $0.7869, which is a bearish sign and suggests more declines in the near term.
At the moment, the price is trading near the 1.236 Fib extension of the last wave from the $0.7869 low to $0.8778 high. It could continue to decline and it may even break the $0.7500 level. The next major support on the downside is around $0.7300. The stated level also coincides with the 1.618 Fib extension of the last wave from the $0.7869 low to $0.8778 high. On the upside, there are many resistances around the $0.8000 level. Moreover, yesterday’s highlighted crucial with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair.
Overall, it seems like the price may continue to decline towards $0.7300. A break and close below $0.7300 may call for a call of $0.7000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower further into the oversold levels.
Major Support Level – $0.7300
Major Resistance Level – $0.8000
Charts courtesy –
Published at Fri, 09 Mar 2018 06:30:05 +0000
Analysis
