Technical analysis of the Ripple price Wednesday, May 9, 2018

The price of the Ripple XRP reports a decline of 1.64% in the last 24 hours, this puts pressure on the XRP value by dragging the price below $ 0.80.

Highlights

The price of the Ripple was further reduced and broke the support level of $ 0.7800 against the US dollar.
The important bearish trend line highlighted yesterday remains intact with resistance close to $ 0.7950 on the XRP / USD pair time chart.
The pair is likely to accelerate the declines and could soon test the next support at $ 0.7480 in the short term.
The price of XRP is under pressure against the US dollar and Bitcoin. XRP / USD can continue moving down to the next key support at $ 0.7480.

Resistance to the price of Ripple

There was an increase in sales pressure from the $ 0.8500 swing in the price of the XRP against the US dollar. The price initially contained the support area of ​​$ 0.8000 and attempted a recovery. However, he could not move above the resistance level of $ 0.8500, which resulted in a rejection. There was a strong negative reaction and the price broke the Fibonacci retracement level of 76.4% of the last big wave from the minimum of $ 0.7800 to the maximum of $ 0.9240.

It has opened the doors for more descents below $ 0.8000. At the moment, the price is trading below the support of $ 0.7800, which is a bearish sign. If the sellers are still in action, the price can decrease further to $ 0.7500. The next main support is the 1,236 Fib extension of the last major wave, from the minimum of $ 0.7800 to the maximum of $ 0.9240. On the positive side, the important bearish trend line highlighted yesterday remains intact, with a resistance close to $ 0.7950 on the XRP / USD pair time chart.

Looking at the chart, the pair is under a lot of pressure below $ 0.8000. If XRP has to recover, buyers must clear the trend line, resistance of $ 0.8000 and the pivot level of $ 0.8100. Above $ 0.8100, the price can test the 100-hour simple moving average.

Technical indicators

MACD per hour: MACD for XRP / USD is strongly placed in the bearish zone.
Hourly RSI (relative strength index): the RSI for XRP / USD is reaching oversold levels.
Support level – $ 0.7480
Highest resistance level – $ 0.8000