Analysis of the price of Ripple Thursday, March 29, 2018

The price of the Ripple reports a decline of -7.01% sending the XRP below $ 0.54 cents. We must bear in mind that in addition to the bear market that we already brought to be holidays this causes the volume to go down.

Key points

  • The fluctuation price is trading well below the resistance of $ 0.5900 and the pivotal level against the US dollar.
  • There is an important downtrend line that is formed with a resistance close to $ 0.5750 on the hourly chart of the XRP / USD pair.
  • The pair remains at risk of more losses below the levels of $ 0.5570 and $ 0.5500 in the short term.

The price of Ripple is in an important bearish area against the US dollar and Bitcoin. XRP / USD can accelerate declines below the $ 0.5500 level in the future.

Decrease in the price of the Ripple

There was no bullish correction above $ 0.5800 and $ 0.5900 in the price of the XRP against the US dollar. The price is still in a bearish zone well below the $ 0.5800 level. A minimum was formed at $ 0.5570 before the price was corrected slightly. However, the $ 0.5900 level acted as a resistance. In addition, the Fibonacci retracement level of 38.2% of the last downward move from the minimum of $ 0.6500 to $ 0.5572 also prevented the level from rising.

The main obstacle to the upside is near an important bearish trend line that is formed with a resistance close to $ 0.5750 on the XRP / USD pair time chart. A break above the resistance of the trend line is needed to get more profit towards $ 0.5900. Above $ 0.5900, the 50% retracement level of the Fibonacci of the last downward move from the low of $ 0.6500 to the low of $ 0.5572 may act as the next resistance. Only a close above the $ 0.6000 level could open the door for more corrections in the short term.

On the downside, the price may soon break the $ 0.5572 minimum. The next main support is close to the $ 0.5000 level. There may be a solid buying interest close to the $ 0.5000 level, since it is a key factor for XRP.

Technical indicators

  • MACD per hour: MACD for XRP / USD is still well located in the bearish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is moving lower and is currently below level 50.
  • Main support level – $ 0.5570
  • Highest resistance level – $ 0.5900