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March 01, 2018, 01:00:18 PM |
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There was a minor upside move from the $0.8900 swing low in Ripple price against the US Dollar. The price traded higher, but it was not able to break the $0.9100 resistance. It also failed to near the 100 hourly simple moving average and declined below $0.9000. There was an hourly close below the $0.9000 support and the 100 SMA, which is a bearish sign.
The recent low was formed at $0.8749 and the price seems to be holding the $0.8800 support. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. There is also a connecting bearish trend line forming with resistance at $0.9100 on the hourly chart of the XRP/USD pair. Moreover, the trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $0.9596 high to $0.8749 low. Therefore, if the price corrects higher, it may face sellers near the $0.9100 resistance level.
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