Key Highlights
- Ripple price is slowly moving higher and is currently trading above $0.8400 against the US dollar.
- There is a key connecting bullish trend line forming with support at $0.8650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently facing resistance at $0.8750, which is a major pivot level for more gains.
Ripple price is preparing for more upsides against the US Dollar and bitcoin. XRP/USD should clear $0.8750 for a push above the $0.9000 level in the near term.
Ripple Price Support
There was a from the $0.7800 swing low in Ripple price against the US Dollar. The price traded higher and broke the $0.8000 and $0.8400 resistance levels. The current move is encouraging since the price surpassed the $0.8500 resistance and the 100 hourly simple moving average. There was also a break above the 61.8% Fib retracement level of the last downside move from the $0.9105 high to $0.7815 swing low.
At the moment, the price is testing a major hurdle at $0.8750. The stated $0.8750 level acted as a resistance on many occasions and is currently preventing an upside break. Once buyers succeed in clearing $0.8750, the price could move towards $0.9000. Above this last, the price may perhaps retest the last swing high of $0.9100. On the downside, there is a key connecting bullish trend line forming with support at $0.8650 on the hourly chart of the XRP/USD pair.
Looking at the , the pair remains well supported on the downside at $0.8600. Moreover, the 100 hourly simple moving average is near $0.8500 to prevent declines. Therefore, if the price corrects lower, buyers are likely to protect losses below $0.8500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 70 level.
Major Support Level – $0.8500
Major Resistance Level – $0.8750
Published at Thu, 03 May 2018 06:30:11 +0000
Analysis
