Ripple Price Technical Analysis - XRP/USD Downsides Remain Limited

Cornelia Mascio
Aprile 17, 2018

Likewise, all the cryptocurrencies have rallied significantly.

The news wires were on the quieter side, with Bitcoin's moves through the weekend contributing to the broader market bullish sentiment at the end of the weekend, a weekend rally managing to avert a late sell-off for once. This has seen it move from the $6,600 price levels to attain the levels above the $8,000 price level. On the upside, the price is facing resistances near the $0.6800 and $0.7000 levels. With positive market issues and buying, the cryptocurrency might hit the $9,000 price levels within the week. On the other hand, a drop below the $8,000 price level might attract more losses.

Ethereum has also been subjected to an upside according to last week's information and data.

Cryptocurrency prices had sagged in recent weeks, with price volatility also down. On the other hand, dropping below the $490 level might attract losses.

Last year, Bitcoin hit a high of nearly $20,000 before plunging through 2018 in a "bloodbath". It traded close to the $0.7000 level before it faced sellers. Currently, it has crossed the $680, $720 and the $750 resistance levels and now trades at the $775 price level.

Moves through the day on Sunday were relatively bullish, following Saturday's 0.81% fall, with Bitcoin Cash moving through the day's first major resistance level of $759.8 and 2 resistance level of $783.2 to hit an intraday high $787 in the middle part of the day. From this position, we should expect Bitcoin cash to attain the $790 levels and later the $800 levels soon.

Therefore, we believe that the current bullish trend will continue.

The pair may decline in the short term, but it remains supported above the $0.6200 level. At the time of writing Ripple price is now $0.6500, down 3.23% on the day. Therefore, this depicts a significant rise in price.

Moreover, the XRP/USD pair is now trading below a short-term bullish trend line with support at $0.6800 on the hourly chart. A high was formed at $0.6993 before the price started a downside correction. An initial support is near the 50% Fib retracement level of the last wave from the $0.6238 low to $0.6993 high at $0.6610.

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