Ripple Price Analysis: XRP Could Retest Lows Before Higher

2018-12-17 08:00

Key Highlights

Ripple price recovered recently, but it faced sellers near $0.2900-0.2910 against the US dollar. There is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may perhaps decline further to revisit the $0.2800 support area in the near term.

Ripple price is facing uphill task against the US Dollar and Bitcoin. XRP/USD is under pressure and it may decline further towards $0.2800 before a fresh upward move.

Ripple Price Analysis

After trading as low as $0.2776, ripple price started an upward move against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2850 resistance levels. It also broke the 23.6% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. However, the upside move was capped by the $0.2900-0.2910 zone, which was a support earlier.

Besides, there was no test of the 50% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair. Therefore, the price must break the $0.2860 resistance and the $0.2900 barrier to move into a positive zone. The next resistance above $0.2900 is positioned near the $0.3000 level. On the downside, an initial support is at $0.2800, below which the price may revisit the $0.2770 swing low. If there is no break below $0.2770, the price is likely to bounce back.

Looking at the chart, ripple price is facing a solid resistance near $0.2900 and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.2900 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level.

Major Support Level – $0.2800

Major Resistance Level – $0.2900

The post Ripple Price Analysis: XRP Could Retest Lows Before Higher appeared first on NewsBTC.

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Ripple (XRP) на Currencies.ru

$ 2.0923 (+0.25%)
Объем 24H $3.21b
Изменеия 24h: -3.76 %, 7d: -4.89 %
Cегодня L: $2.0803 - H: $2.1107
Капитализация $126.231b Rank 4
Цена в час новости $ 0.2898 (621.98%)

ripple xrp price pair higher near could

Источник: newsbtc.com

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