Technical analysis of the Ripple price Tuesday, April 24, 2018

The price of Ripple reports an increase of 4.61%, raising the price above $ 0.91 cents, increasingly closer to $ 1.

Highlights

  • The price of the XRP gained a lot of traction recently and sits comfortably above $ 0.8600 against the US dollar.
  • There was a break above a key bearish trend line with resistance at $ 0.8750 on the hourly chart of the XRP / USD pair.
  • The pair is still in an uptrend and is looking for a break above $ 0.9500 for a new monthly high.

The price of Ripple is rising higher against the US dollar and Bitcoin. XRP / USD can soon break the $ 0.9500 level for additional gains towards the $ 1.00 level.

Price trend of the Ripple

After a minor downward correction, the price of Ripple found support around the level of $ 0.8000 against the US dollar. The price started a bullish move and was traded above the resistance of $ 0.8500. It cleared the $ 0.8600 barrier and settled above the 100-hour simple moving average. There was also a break above a key bearish trend line with a resistance of $ 0.8750 on the hourly chart of the XRP / USD pair.

More importantly, the price broke the Fibonacci retracement level of 61.8% from the last decline from the high of $ 0.9410 to the low of $ 0.8080. These are positive signs with an hourly closing above the $ 0.9000 level. The recent maximum was $ 0.9261 and it seems that the price can correct some points in the short term. Initial support is close to the Fibonacci retracement level of 23.6% of the last wave from the minimum of $ 0.8000 to $ 0.9261 high. However, the most important support is close to $ 0.8700 and the SMA is 100 hours. Therefore, if the price is corrected lower, the level of $ 0.8700 could act as a strong buying zone.

Looking at the chart, the price seems to set profits above $ 0.9300. It could break the $ 0.9500 level and extend the benefits in the short term to a new monthly maximum.

Technical indicators

  • MACD per hour: MACD for XRP / USD is very well placed in the bullish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is moving more towards level 75.
  • Main support level: $ 0.8700
  • Higher resistance level – $ 0.9500