Key Highlights
- Ripple price corrected higher recently, but it struggled near the $0.7500 resistance against the US dollar.
- The XRP/USD pair is currently attempting a close below an ascending channel with support at $0.7000 on the hourly chart (data source from Kraken).
- The pair may is now at a risk of a downside move back towards the $0.6500 support level.
Ripple price is in a bearish zone against the US Dollar and bitcoin. XRP/USD corrected slightly higher, but it struggled to clear a major hurdle at $0.7500.
Ripple Price Trend
This past week, there was a from well above $0.8000 in Ripple price against the US Dollar. The price even broke the $0.7500 and $0.7000 support levels and traded close to $0.6300. A low was formed at $0.6307 from where the price started an upside correction. It recovered above the $0.7000 level and gained upside momentum.
However, the price faced a zone near $0.7400 and $0.7500. The upside move was protected by $0.7450, 100 hourly simple moving average, and a bearish trend line with current resistance at $0.7300. At the moment, the price is down and broke the 23.6% Fib retracement level of the last wave from the $0.6307 low to $0.7475 high. More importantly, the XRP/USD pair is currently attempting a close below an ascending channel with support at $0.7000 on the hourly chart.
Looking at the , the price is struggling to hold gains above $0.7000. It may decline further and test the 50% Fib retracement level of the last wave from the $0.6307 low to $0.7475 high at $0.6900. Below $0.6900, it may retest the $0.6500 support. On the upside, a proper break above 100 hourly SMA and $0.7500 is required for an upside acceleration.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Level – $0.6900
Major Resistance Level – $0.7500
Published at Mon, 14 May 2018 06:30:56 +0000
Analysis