THELOGICALINDIAN - Key Highlights
Ripple amount is beneath bearish burden adjoin the US Dollar and Bitcoin. XRP/USD could face an access affairs burden about $2.50 in the abreast term.
Ripple Price Resistance
Yesterday, I acicular out an access in affairs pressure on Ripple amount beneath $3.00 adjoin the US Dollar. The amount bootless to accomplish an upside move aloft $2.80 and started a aloft decline. The downside move was actual able as the amount biconcave beneath the $2.50 and $2.00 abutment levels. It alike confused beneath the $1.80 abutment and traded as low as $1.6126. Later, an upside alteration was accomplished and the amount confused aloft the 50% Fib retracement akin of the aftermost abatement from the $2.80 aerial to $1.61 low.
However, the amount is adverse a lot of hurdles abreast $2.50-2.60. There is a aloft bearish trend band basic with attrition at $2.50 on the alternate blueprint of the XRP/USD pair. The trend band attrition is additionally about the 100 alternate simple affective boilerplate at $2.60. Moreover, there was no able breach of the 76.4% Fib retracement akin of the aftermost abatement from the $2.80 aerial to $1.61 low. Therefore, there is a accident of added losses in the abreast appellation from $2.50. Should the amount succeeds in affective aloft $2.50, there can be more recoveries against $2.80.
On the downside, the $2.20 and $2.00 levels are appropriate supports and buy zones.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still beneath the 50 level.
Major Support Level – $2.20
Major Resistance Level – $2.50
Charts address – Trading View, Kraken
