The price of the Ripple reports a retracement of 6.47%, dragging the value of the XRP below $ 0.90.
Key points in the analysis
- The price of the Ripple did not remain in a bullish zone and broke the support of $ 0.9450 against the US dollar.
- Yesterday’s short-term uptrend line with support at $ 0.9400 broke on the XRP / USD pair time chart.
- The pair is currently under pressure and may fall to $ 0.8800.
- The price of the decreasing XRP was further reduced in the bearish zone against the US dollar and Bitcoin. XRP / USD can accelerate decreases to or below $ 0.8800.
Analyzing the price of the Ripple
There was no recovery above $ 1.00 yesterday in the price of the XRP against the US dollar. The extended price decreased and moved below a main support area close to $ 0.9400. The decline was substantial as the price closed below the support of $ 0.9200 as well. There was even a close below the 100-hour simple moving average and the price was negotiated as low as $ 0.8928.
During the downward movement, the short-term bullish trend line with support at $ 0.9400 was broken on the hourly chart of the XRP / USD pair yesterday. He opened the doors to get more profits and the price is now at risk of falling further below $ 0.8900. An initial bullish resistance is around the 23.6% retracement level of Fibonacci in the last decline, from the low of $ 0.9802 to the low of $ 0.8928. There are many upside obstacles near the $ 0.9400 level and the 100-hour SMA. In addition, the 50% Fibonacci retracement level of the last decline from the minimum of $ 0.9802 to the minimum of $ 0.8928 is $ 0.9356.
On the downside, the recent low of $ 0.8928 is short-term support. A break below the mentioned level could push the price towards $ 0.8800. Any additional loss below $ 0.8800 could be very bearish for XRP in the short term.
Important technical indicators
- MACD per hour: the MACD for XRP / USD is very well placed in the bearish zone.
- Hourly RSI (relative strength index): the RSI for XRP / USD is currently well below level 50.
- Main support level: $ 0.8800
- Highest resistance level – $ 0.9400