Ripple (XRP) Relatively Bearish; Here’s Key Support Turned Resistance
Altcoins2020/04/21 07:58 by Aayush Jindal
Ripple is down more than 5% and it broke the key $0.1850 support against the US Dollar. XRP price is correcting losses, but upsides are likely to remain capped near $0.1850 or $0.1880.
Ripple price is showing bearish signs below the $0.1880 pivot level against the US dollar.
The previous key support near $0.1850 is likely to act as a major resistance.
There is a connecting bearish trend line forming with resistance near $0.1915 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could retest $0.1850 or $0.1880 before extending its decline.
Ripple Price Turns Red
After struggling to clear the $0.1950 resistance, ripple started a fresh bearish wave. XRP price broke the key $0.1880 pivot zone and support region to move into a bearish zone.
Besides, there was a close below the $0.1850 support and the 100 hourly simple moving average. It opened the doors for more downsides below $0.1820. The price traded to a new weekly low at $0.1783 and it is currently correcting higher.
Ripple corrected above the $0.1820 level. It also climbed above the 23.6% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. It seems like there is a short term contracting triangle forming with resistance near $0.1840 on the hourly chart of the XRP/USD pair.
Ripple Price
The first major resistance on the upside is near the $0.1850 zone (the recent breakdown support). The next key resistance is near the $0.1880 pivot level.
An intermediate resistance is near the 50% Fib retracement level of the recent drop from the $0.1949 swing high to $0.1783 low. Besides, there is a connecting bearish trend line forming with resistance near $0.1915 on the same chart.
If the price corrects higher further above $0.1850, the bulls are likely to face a strong selling interest near the $0.1880 and $0.1900 levels.
More Losses?
Once the current correction wave is over in ripple, it is likely to resume its slide from $0.1850 or $0.1880. An initial support on the downside is near the $0.1800.
The main support is near the $0.1780 level, below which the bears are likely to aim a test of the $0.1700 region in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now flat near the 40 level.
Major Support Levels – $0.1800, $0.1780 and $0.1700.
Major Resistance Levels – $0.1850, $0.1880 and $0.1910.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
0 Like(s)
You should also read...
Altcoins20/11/19 05:28 by Aayush Jindal
Ripple (XRP) Price Trading Near Crucial Juncture, Can Bulls Make It?
Ripple price is currently correcting higher and is trading above $0.2520 against the US dollar.
The price seems to be approaching a major resistance area near the $0.2600 level.
This week’s crucial... Read More
Ripple price is currently correcting from the new monthly low of $0.2005 against the US dollar.
The price might correct further higher, but the $0.2270 resistance is a crucial hurdle for buyers.
Ther... Read More
Ripple price is currently declining from the key $0.2320 resistance area against the US dollar.
The price is now trading below $0.2260 and it is showing a few bearish signs.
Yesterday’s major bulli... Read More
Altcoins24/08/20 09:48 by Aayush Jindal
Technicals Indicate Ripple (XRP) is About To See Lift-off To $0.30
Ripple started a steady recovery above the $0.2800 level against the US Dollar. XRP price is likely to continue higher towards the $0.2950 and $0.3000 resistance levels.
Ripple remained stable above ... Read More
Ripple is struggling to clear the $0.5800 resistance against the US Dollar. XRP price is showing bearish signs and it could accelerate lower below $0.5420.
Ripple topped just above the $0.6000 level ... Read More