Key Highlights
- Ripple price is trading lower after testing the $0.9000 resistance level against the US dollar.
- There is a key bullish trend line forming with support near $0.8400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must remain above the $0.8250 support and the 100 hourly simple moving average to avoid declines.
Ripple price is correcting lower against the US Dollar and bitcoin. XRP/USD should hold the 100 hourly SMA to start a fresh upside wave towards $0.9200.
Ripple Price Support
There were no in Ripple price above the $0.9000 level against the US Dollar. The price started a downside move from the $0.9091 high and declined below $0.9000. There was a break below the 23.6% Fib retracement level of the last wave from the $0.7558 low to $0.9091 high. It opened the doors for more losses and the price declined below the $0.8500 support.
However, the price found support above the $0.8250 level. Moreover, the 50% Fib retracement level of the last wave from the $0.7558 low to $0.9091 high acted as a support. XRP price recovered and moved above $0.8300 with a positive angle. At the moment, there is a key bullish trend line forming with support near $0.8400 on the hourly chart of the XRP/USD pair. The trend line support at $0.8400 holds a lot of importance since it is near the 100 hourly simple moving average. As long as the price is above $0.8400, it in the near term.
Looking at the , there is a crucial support near $0.8250, which is also a pivot level. A break below $0.8250 could open the doors for more losses. On the upside, a break above $0.9000 is needed to start a fresh upside wave.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Level – $0.8250
Major Resistance Level – $0.9000
Published at Mon, 30 Apr 2018 06:30:46 +0000
Analysis
