Technical analysis of the price of Ripple Friday, March 2, 2018

The price of the XRP today, Friday 1, reports a slight increase of 0.75% leading to negotiate the price above $ 0.90.

Key points in the analysis

  • The Ripple price rose recently and was traded above the resistance of $ 0.9000 against the US dollar.
  • There was a break above a downtrend line of connection with a resistance of $ 0.9110 on the hourly chart of the XRP / USD pair (Kraken data source).
  • The pair traded up to $ 0.9488 where it faced the sellers and declined once again.
  • The price of the XRP was not able to capitalize the gains against the US dollar and Bitcoin. XRP / USD is below the SMA of 100 hours and support of $ 0.9200.

Analyzing the price of the Ripple

There was a small upward movement initiated from the minimum of $ 0.8700 in the price of the XRP against the US dollar. The price moved higher and broke the $ 0.9000 resistance. There was also a break above the resistance of $ 0.9200 and the simple moving average of 100 hours. Buyers pushed the price above the 50% retracement level of Fibonacci in the last fall, from the high of $ 0.9597 to the low of $ 0.8749.

During the rally, there was a break above a downtrend line connecting with a resistance of $ 0.9110 on the hourly chart of the XRP / USD pair. However, the bullish movement was limited by the resistance of $ 0.9500. A maximum was formed near $ 0.9488 from where the price started a new negative wave. The decrease was substantial as the price moved below the Fibonacci retracement level of 50% of the last wave from the low of $ 0.8754 to the high of $ 0.8488. In addition, there was a close below the level of $ 0.9200 and the SMA of 100 hours.

It seems that the price was able to capitalize profits above $ 0.9200 and was reduced. Currently it is trading near the same interrupted trend line at $ 0.9080, which acts as support. As long as the price is above $ 0.9050, I could make another bullish attempt.

Important technical indicators

  • MACD per hour: the MACD for XRP / USD is now back in the bearish zone.
  • SRS per hour (Relative strength index): the RSI for XRP / USD has moved below level 50.
  • Main support level – $ 0.9050
  • Higher resistance level – $ 0.9200