Ripple Price Technical Analysis – XRP/USD Trimming Gains 2018-03-06

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

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Key Highlights

Ripple price traded above the $1.08 level yesterday before starting a new downside against the US dollar.
There is a short-term connecting bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must stay above the $0.9300 level to avoid further declines in the near term.

Ripple price started a fresh downside wave against the US Dollar and Bitcoin. XRP/USD has to move above $0.9800 to move back in the bullish zone.

Ripple Price Support

There was an extension of yesterday’s move above $1.03 in Ripple price against the US Dollar. The price traded above the $1.05 and $1.08 resistance levels. It traded close to the $1.10 level and formed a high at $1.096 before sellers appeared. Later, a downside move was initiated and the price declined sharply below $1.05. There was a break below the 50% Fib retracement level of the last upside wave from the $0.8846 low to $1.0962 high.

Moreover, there was a break below the $0.9800 support level. However, the downside move was protected by the $0.9300 support and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last upside wave from the $0.8846 low to $1.0962 high also acted as a support. Furthermore, there is a short-term connecting bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair. The trend line support, $0.9300 and the 100 hourly SMA are acting as crucial supports and preventing declines.

As long as the price is above $0.9300, it may bounce back. On the upside, a break above the $0.9800 level is needed for the price to move back towards $1.0300.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is reducing the last bearish slope.

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

Major Support Level – $0.9300

Major Resistance Level – $0.9800

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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