Ripple Price Analysis: Can XRP/USD Hold Gains?June 8, 2018
- Ripple price failed to move above the $0.6880 resistance and declined a few points against the US dollar.
- Yesterday’s highlighted important ascending channel is intact with support at $0.6700 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the $0.6700 support area to avoid any major slides in the near term.
Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD could bounce back from the $0.6700 support and 100 hourly simple moving average.
Ripple Price Support
The past few sessions were mostly ranging with tiny bearish moves from well above $0.6800 in Ripple price against the US Dollar. The price traded as high as $0.6889 and it struggled to gain momentum above the stated level. As a result, a downside correction was initiated, and the price moved below the $0.6800 level. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $0.6543 low to $0.6889 high.
However, the price is finding bids near a key support around $0.6700. More importantly, yesterday’s highlighted important ascending channel is intact with support at $0.6700 on the hourly chart of the XRP/USD pair. Furthermore, the 50% Fib retracement level of the last wave from the $0.6543 low to $0.6889 high is also acting as a support and preventing declines. Should there be a break below the channel support at $0.6700, the price may perhaps trade back towards the $0.6500 level. Below this, the price could even revisit the $0.6200 support area.
Looking at the chart, the price might bounce back from the $0.6700 support area. On the upside, a break and close above the $0.6880 level is needed for a push above the $0.7000 hurdle.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed well below the 50 level.
Major Support Level – $0.6700
Major Resistance Level – $0.6880
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