Ripple Price Analysis: XRP/USD’s Resistance Turned Support
Key Highlights
- Ripple price traded further higher and almost tested the $0.5250 resistance against the US dollar.
- There is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently holding an important support near $0.4750, which was a resistance earlier.
Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4700-0.4750 support to resume its upside move.
Ripple Price Support
Yesterday, there were further gains in Ripple price above the $0.5000 level against the US Dollar. The XRP/USD pair gained momentum and broke the $0.5100 resistance. It traded close to the $0.5250 resistance before sellers appeared. A high was formed at $0.5196 and the price started a downside correction. It declined below the $0.5000 support area to start a major correction.
There was a break below the 50% Fib retracement level of the wave from the $0.4531 low to $0.5196 high. However, the decline was protected by a major support near $0.4750. The stated level was a resistance earlier, and it is now preventing declines below $0.4700. Moreover, the 100 hourly simple moving average is also at $0.4720 to act as a support. On the upside, there is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair. The pair has to move above the trend line and $0.5000 resistance to resume its upside move in the near term.
Looking at the chart, the price is holding the $0.4750 support very well. If it fails to stay above $0.4700, the price could move back in a bearish zone. The next supports are at $0.4550 and $0.4500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now 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 – $0.4750
Major Resistance Level – $0.5000
The post Ripple Price Analysis: XRP/USD’s Resistance Turned Support appeared first on NewsBTC.
by Aayush Jindal on July 04, 2018 at 12:00PM