Analysis Technical

Ripple Price Analysis: XRP/USD Reached Turning Point

Aayush Jindal | May 18, 2018 | 6:30 am
ripple technical analysis
Analysis

Ripple Price Analysis: XRP/USD Reached Turning Point

Aayush Jindal | May 18, 2018 | 6:30 am

Key Highlights

  • Ripple price declined once again and broke the $0.6800 support level against the US dollar.
  • There is a major bearish trend line forming with resistance at $0.6800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently testing a key support area near $0.6470, which could produce an upside correction.

Ripple price fell and broke key supports against the US Dollar and Bitcoin. XRP/USD remains below a major pivot level at $0.7000 with risk of more declines.

Ripple Price Decline

There was a crucial rejection noted around the $0.7000 and $0.7100 resistance area in Ripple price against the US Dollar. The price failed to break $0.7100 and the 100 hourly simple moving average. As a result, there was a fresh downside move and the price moved below the $0.6900 and $0.6800 support levels. The decline was real since there was even a close below the $0.6800 support and the price is now well below 100 hourly SMA.

The decline paused near an important support area at $0.6450, which prevented losses on many occasions earlier. A low was formed at $0.6471 before the price started consolidating in a range. It is currently testing the 23.6% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low. There are chances of more upsides towards $0.6800, but there are many hurdles on the upside. A major bearish trend line is also in place with resistance at $0.6800 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP USD

Looking at the chart, the 50% Fib retracement level of the last drop from the $0.7142 high to $0.6471 low is positioned near $0.6806 to prevent recoveries. On the downside, the $0.6450 and $0.6400 levels are important supports, followed by $0.6200.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly recovering from the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher from the 30 level.

Major Support Level – $0.6450

Major Resistance Level – $0.6800

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