THELOGICALINDIAN - Key Highlights
Ripple amount is acclimation college adjoin the US Dollar and Bitcoin. XRP/USD is adverse a above attrition on the upside about $1.48-1.50 and the 100 alternate SMA.
Ripple Price Remains Bearish
There was a break beneath the $1.45 abutment level in Ripple amount afresh adjoin the US Dollar. The amount traded lower and bankrupt the $1.20 support. It additionally traded beneath the 50% Fib retracement akin of the aftermost leg from the $0.8830 low to $1.7445 high. It traded abutting to the $1.1500 akin and formed a low at $1.1361. Later, it started an upside alteration and recovered aloft the $1.20 level.
There was a advance aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1.65 aerial to $1.13 low. However, there are abounding resistances on the upside abreast $1.45-1.48. Most importantly, yesterday’s accent key bearish trend band with current resistance at $1.4800 is complete on the alternate blueprint of the XRP/USD pair. The trend band attrition at $1.48 is abutting to the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost abatement from the $1.65 aerial to $1.13 low is about the aforementioned trend line.
On the downside, the $1.20 akin is a concise support. If the amount fails to move aloft the $1.48 resistance, it could breach the $1.20 abutment for added losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has managed to move aloft the 50 level.
Major Support Level – $1.2024
Major Resistance Level – $1.4800
Charts address – Trading View, Kraken
