Analysis Technical

Ripple Price Technical Analysis – XRP/USD Could Retest $0.80

Aayush Jindal | April 25, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Technical Analysis – XRP/USD Could Retest $0.80

Aayush Jindal | April 25, 2018 | 6:30 am

Key Highlights

  • Ripple price formed a short-term top at $0.9615 and started a downside correction against the US dollar.
  • There was a break below a connecting bullish trend line with support at $0.8850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is moving lower and it seems like it could test the last swing low at $0.8050-0.8000.

Ripple price is correcting lower against the US Dollar and Bitcoin. XRP/USD may continue to correct lower and it could retest the $0.8000 support area.

Ripple Price Downside Correction

There was another attempt to move past $0.9600, but Ripple price failed to gain momentum against the US Dollar. The price traded as high as $0.9615 and later started a downside correction. It declined and broke the 23.6% Fib retracement level of the last wave from the $0.8110 low to $0.9615 high. Moreover, there was a break below the $0.9000 support and the 100 hourly simple moving average.

More importantly, there was a break below a connecting bullish trend line with support at $0.8850 on the hourly chart of the XRP/USD pair. The pair even broke the 61.8% Fib retracement level of the last wave from the $0.8110 low to $0.9615 high. Therefore, there are high chances of it extending declines towards the last swing low of $0.8110. However, the most important support is close to $0.8050 and $0.8000. Buyers are likely to take a stand near the $0.8000 support if the price continues to correct lower in the short term.

Ripple Price Technical Analysis XRP USD

Looking at the chart, the broken support near $0.8850 and the 100 hourly SMA is likely to act a resistance. A push above the $0.8850 and $0.9000 resistance levels may perhaps spark a push towards $0.9500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $0.9000

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!