Ripple price analysis Wednesday, April 11 2018

The Ripple price reports an increase of 1.53%, raising the value above the $ 0.50 cents at the time of writing this analysis.

Highlights

  • The Ripple price found support near the $ 0.4750 level and moved higher against the US dollar.
  • A key bullish trend line is forming with support at $ 0.4850 on the hourly chart of the XRP / USD pair.
  • The pair may continue to rise towards $ 0.5000 as long as it is above the support of $ 0.4850.

The price of the XRP moves slowly up against the US dollar and Bitcoin. XRP / USD could gain bullish momentum and may break the resistance of $ 0.5000.

Analysis of the price of the Ripple

Yesterday, there was a negative reaction from well above $ 0.5000 in the price of the XRP against the US dollar. The price decreased and tested support of $ 0.4750, which acted as a barrier for sellers. A support base was formed above the $ 0.4750 level and the price started a bullish move. It was traded above the Fibonacci retracement level of 23.6% from the last fall, from the high of $ 0.5110 to the low of $ 0.4740.

At the moment, the price is negotiating very well above the level of $ 0.4800 and close to the simple moving average of 100 hours. However, the 50% retracement level of the last decline from the high of $ 0.5110 to the low of $ 0.4740 at $ 0.4925 is acting as a resistance. A break above the $ 0.4925 level is needed for a push above the $ 0.5000 barrier. Above the $ 0.5000 mentioned, the price may continue to rise towards the levels of $ 0.5100 and $ 0.5200. On the downside, a key bullish trend line is forming with support at $ 0.4850 on the XRP / USD pair time chart.

The pair remains compatible near the trend line at $ 0.4850. Below the support of the trend line, the $ 0,44750 level remains an important purchase zone. The general action of the price is positive as long as the price is higher than $ 0.4800.

Technical indicators

  • MACD per hour: MACD for XRP / USD is slightly in the bullish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is just around level 50.
  • Main support level: $ 0.4800
  • Highest resistance level – $ 0.5000