Technical analysis of the price of Ripple Thursday, April 26, 2018

The price of the Ripple reports a slight setback of 1.43%, however, the price is still positioned above $ 0.80 cents.

Highlights

  • The price of the XRP dropped from the maximum of $ 0.9640 and broke the support of $ 0.8500 against the US dollar.
  • There is a bearish short-term connection trend line that is formed with a resistance of $ 0.8080 on the hourly chart of the XRP / USD pair.
  • The pair must break the resistance levels of $ 0.8080 and $ 0.8150 to fall back in a positive zone.

The price of Ripple broke some key supports against the US dollar and Bitcoin. XRP / USD has to eliminate the obstacle of $ 0.8150 to start a new bullish movement in the short term.

Resistance in the price of the Ripple

There was a downward reaction in the price of the XRP from well above $ 0.9500 against the US dollar. The price started a new fall and broke the support of $ 0.8800 and the simple moving average of 100 hours. The fall was such that the price even broke the support of $ 0.8500 and the pivot level of $ 0.8400. The XRP sellers gained traction and the price decreased below a main support to $ 0.8080.

Now it is trading well below $ 0.8400 and the simple moving average of 100 hours. Recently it was negotiated at $ 0.7576 and is currently consolidating losses. An initial resistance is close to the Fibonacci retracement level of 23.6% of the last decline from the high of $ 0.9637 to the minimum of $ 0.7576. In addition, a bearish short-term connection trend line with a resistance of $ 0.8080 is forming on the XRP / USD time chart. A break above the resistance of the trend line at $ 0.8080 could open the doors for more profits. However, an adequate break above $ 0.8150 is needed for a convincing move towards a positive zone.

Looking at the chart, the price can move above $ 0.8150 in the short term. Having said that, it is likely to face a strong hurdle near $ 0.8500 in the short term.

Technical indicators

  • MACD per hour: MACD for XRP / USD shows negative signs in the bearish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is currently below level 40.
  • Main support level: $ 0.7500
  • Highest resistance level – $ 0.8150