The price of the Ripple today, Thursday, March 1, 2018, reports a slight decrease of 0.89%. The price is negotiated above $ 0.90.
Key points in the analysis
- The price of the Ripple did not move higher and decreased below the support of $ 0.9000 against the US dollar.
- There is a downtrend connection line that is formed with resistance at $ 0.9100 on the hourly chart of the XRP / USD pair.
- The pair is currently at risk of further falls below support levels of $ 0.8800 and $ 0.8600.
- The price of Ripple is struggling to get a bullish momentum against the US dollar and Bitcoin. XRP / USD is testing support of $ 0.8800 and will continue to decline in the short term.
Analyzing the price of the Ripple
There was a small upward movement from the minimum of $ 0.8900 in the price of the XRP against the US dollar. The price quoted higher, but was not able to break the $ 0.9100 resistance. Nor did it approach the 100-hour simple moving average and decline below $ 0.9000. There was a closing per hour below the support of $ 0.9000 and the SMA of 100, which is a bearish sign.
The recent low was formed at $ 0.8749 and the price seems to maintain support at $ 0.8800. Initial bullish resistance is around the 23.6% retracement level of the last decline, from the low of $ 0.9596 to the low of $ 0.8749. A downward trend line of connection with resistance is also forming at $ 0.9100 on the hourly chart of the XRP / USD pair. In addition, the resistance of the trend line is close to the Fibonacci retracement level of 38.2% of the last decline from the minimum of $ 0.9596 to the minimum of $ 0.8749. Therefore, if the price is corrected higher, you can face sellers near the resistance level of $ 0.9100.
On the downside, a break below the support of $ 0.8800 could cause more falls. The next main support is $ 0.8400 followed by the $ 0.8200 level.
Important technical indicators
- MACD per hour: MACD for XRP / USD is mainly in the bearish zone with negative signs.
- Hourly RSI (relative strength index): the RSI for XRP / USD is currently well below level 50.
- Main support level: $ 0.8800
- Highest resistance level – $ 0.9100