Technical analysis of the Ripple price Wednesday, March 28, 2018

The price of the Ripple reports a slight increase of + 1.48%, positioning the value above $ 0.59.

Highlights

  • The Ripple price found support above $ 0.5500 after a significant drop against the US dollar.
  • There is a key that connects the bearish trend line that is formed with the resistance at $ 0.5950 on the hourly chart of the XRP / USD pair.
  • The pair can correct some more points in the short term, but it is likely that the increases have a cap of $ 0.6000.

The price of Ripple faced a great selling pressure this week against the US dollar and Bitcoin. XRP / USD is now consolidating above the support level of $ 0.5500.

Analyzing the price of the Ripple

Yesterday, we saw a big drop in the Ripple price from well above $ 0.6000 against the US dollar. The price fell sharply and was below the aforementioned level of $ 0.6000 and the simple moving average of 100 hours. A minimum was formed near $ 0.5572 before the price of a short-term support. A lower upward correction was initiated and the price moved above the 23.6% retracement level of the last fall from the high of $ 0.6361 to $ 0.5572 low.

However, the bullish movement was limited by the $ 0.6000 level. In addition, the Fibonacci retracement level of 38.2% from the last fall of the minimum of $ 0.6361 to $ 0.5572 also prevented additional gains. Basically, there was a rejection from the $ 0.6000 level and the price is now consolidating in a range above $ 0.5500. On the positive side, there is a key that connects the bearish trend line that is formed with the resistance at $ 0.5950 on the hourly chart of the XRP / USD pair. Above the $ 0.6000 mentioned, the next hurdle is near the $ 0.6140 level.

In terms of support, the $ 0.5500 level has the key. A push below $ 0.5500 could cause more losses and the price can even test the $ 0.5000 level.

Technical indicators 

  • MACD per hour: MACD for XRP / USD shows signs of trading range in the bearish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD moves slightly higher from level 40.
  • Main support level: $ 0.5500
  • Highest resistance level – $ 0.6000