Technical analysis of the Ripple price Wednesday, May 2, 2018

The value of the XRP reports an increase of 2.55% raising the price above $ 0.85 cents. Ripple has had a hard time breaking above $ 0.95. We will see if in this bullish wave manages to break.

Highlights

  • The price of the XRP recovered very well and moved above the resistance of $ 0.8100 against the US dollar.
  • There was a break above a key bearish trend line with a resistance of $ 0.8200 on the hourly chart of the XRP / USD pair.
  • The pair is currently struggling to break the $ 0.8450 resistance and the 100-hour simple moving average.

The Ripple price shows positive signs against the US dollar and Bitcoin. XRP / USD has to move above the barrier of $ 0.8500 to get more advantages in the short term.

Price trend of the Ripple

After a significant drop below the support of $ 0.8200, the price of Ripple found support near $ 0.7800 against the US dollar. The price was negotiated as low as $ 0.7806 before beginning an upward correction. He recovered and moved above the resistance level of $ 0.8100 to start a new wave up. It also managed to clear the Fibonacci retracement level of 23.6% of the last decline from the minimum of $ 0.9100 to the minimum of $ 0.7800.

More importantly, there was a break above a key bearish trend line with a resistance of $ 0.8200 on the hourly chart of the XRP / USD pair. The pair gained pace and moved above a key pivot level to $ 0.8280. However, the price currently faces a strong selling interest below $ 0.8500 and the simple moving average of 100 hours. The 50% retracement level of the last decline from the oscillation minimum of $ 0.9100 to the minimum of $ 0.7800 is also around $ 0.8450. Therefore, it seems that a significant barrier is forming for buyers around the levels of $ 0.8400-0.8500.

If we look at the graph, an adequate break above the resistance of $ 0.8500 could open the doors for more advantages. The next barrier in the case mentioned could be $ 0.9100. On the downside, the broken resistance close to $ 0.8200 will most likely act as support.

Technical indicators

  • MACD per hour: MACD for XRP / USD moves slowly backwards in the bullish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is above level 50.
  • Main support level: $ 0.8200
  • Highest resistance level – $ 0.8500