THELOGICALINDIAN - Key Highlights
Ripple amount bankrupt bottomward adjoin the US Dollar and Bitcoin. XRP/USD is now beneath $0.2500 and adverse abounding upside hurdles.
Ripple Price Resistance
Yesterday, we saw a major support in Ripple amount aloft $0.2500 adjoin the US Dollar. The amount was acclimation lower from the $0.2950 beat aerial appear $0.2550-0.2500. It bootless to authority the declared $0.2500 abutment and beneath sharply. The affliction allotment was a breach beneath a above bullish trend band with abutment at $0.2550 on the alternate blueprint of the XRP/USD pair. The brace alike bankrupt the $0.2350 abutment and beneath appear the $0.2170 level.
A low was formed abreast $0.2170 from area the amount started an upside correction. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $0.2950 aerial to $0.2170 low. However, the best important attrition is abreast the $0.2500 level. It was a support earlier and now sellers may anticipate a breach aloft $0.2550. There is additionally a bearish trend band basic with attrition at $0.2440.
Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $0.2950 aerial to $0.2170 low is at $0.2470. Overall, it seems like there is a above attrition basic abreast $0.2500 for XRP. In the abbreviate term, affairs abutting to the $0.2500 akin can be advised with a bound stop.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently convalescent from the oversold levels.
Major Support Level – $0.2200
Major Resistance Level – $0.2500
Charts address – Trading View, Kraken
