Technical analysis of the Ripple XRP price Monday, May 14, 2018

The price of Ripple XRP 0.71 ( )0.02  2.43% reports a slight increase of 2.59% keeping the price below $ 0.72 cents, the price has had difficulty to return to $ 0.80.

Highlights

  • The price of the XRP was corrected higher recently, but it struggled close to the resistance of $ 0.7500 against the US dollar.
  • The XRP / USD pair is currently attempting a close below an upstream channel with support at $ 0.7000 on the hourly chart.
  • The pair may now be at risk of falling back to the support level of $ 0.6500.

The price of the XRP is in a bearish zone against the US dollar and Bitcoin. XRP / USD corrected slightly higher, but struggled to overcome a big hurdle at $ 0.7500.

Price trend of the XRP

Last week, there was a big downward movement from well above $ 0.8000 in the price of the XRP against the US dollar. The price even broke support levels of $ 0.7500 and $ 0.7000 and was negotiated close to $ 0.6300. A minimum was formed at $ 0.6307 from where the price started an upward correction. It recovered above the $ 0.7000 level and gained bullish momentum.

However, the price faced a strong resistance zone near $ 0.7400 and $ 0.7500. The bullish movement was protected by $ 0.7450, a simple moving average of 100 hours, and a bearish trend line with a current resistance of $ 0.7700. For the moment, the price fell and broke the Fibonacci retracement level of 23.6% of the last wave from the low of $ 0.6307 to the high of $ 0.7475. More importantly, the XRP / USD pair currently attempts a close below an upstream channel with support at $ 0.7000 on the hourly chart.

Looking at the chart, the price is struggling to keep earnings above $ 0.7000. You can further decrease and test the 50% Fibonacci retracement level in the last wave from the minimum of $ 0.6307 to the maximum of $ 0.7475 to $ 0.6900. Below $ 0.6900, you can retest support of $ 0.6500. On the positive side, adequate rest is required above 100 SMA hours and $ 0.7500 for an upward acceleration.

Technical indicators

  • MACD per hour: MACD for XRP / USD returns to the bearish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is now below level 50.
  • Main support level: $ 0.6900
  • Highest resistance level – $ 0.7500