Technical analysis of the Ripple price Thursday, March 8, 2018

The price of the Ripple reports a setback of 2.64%, however the value of the XRP went from $ 0.85 to $ 0.88.

 Key points in the analysis
  • The price of the Ripple fell sharply and fell below the support levels of $ 0.8500 and $ 0.8200 against the US dollar.
  • There is an important downtrend line that is formed with a resistance close to $ 0.8600 on the hourly chart of the XRP / USD pair.
  • The pair remains in a bearish zone and may decline further towards $ 0.7800 in the short term.
  • The price of the XRP fell sharply against the US dollar and Bitcoin. XRP / USD is now well below $ 0.8500 and it looks like it will have more losses in the short term.

Analysis of the price of the Ripple

There was a strong negative reaction from the swing of $ 0.9200 in the price of the XRP against the US dollar. The price went down and broke an important support area close to $ 0.8500. It ignited new falls and the price was even negotiated below the $ 0.8000 level before recovering. It is now trading well below the resistance of $ 0.9000 and the simple moving average of 100 hours.

Recently, the price was negotiated as low as $ 0.7877 before it recovered. It moved above the 50% retracement level in the last fall, from the high of $ 0.9236 to the low of $ 0.7877. However, the bullish movement was protected by the $ 0.8870 level. In addition, there was a close above the Fibonacci retracement level of 61.8% from the last fall, from the high of $ 0.9236 to the low of $ 0.7877. It seems that the price did not move above the gains to maintain above the level of $ 0.8600. On the positive side, there is a large bearish trend line that is formed with a resistance close to $ 0.8600 on the XRP / USD pair time chart.

Therefore, an important recovery above $ 0.8600 will not be easy. On the downside, the $ 0.8000 level is a decent support. Below the $ 0.8000 mentioned, the price can retest the level of $ 0.7800 in the short term.

Important technical indicators

  • MACD per hour: MACD for XRP / USD is slightly in the bullish zone.
  • SRS per hour (Relative strength index): the RSI for XRP / USD is currently recovering from level 30.
  • Main support level: $ 0.8000
  • Highest resistance level – $ 0.8600