THELOGICALINDIAN - Key Highlights
Ripple amount struggled to authority assets adjoin the US Dollar and Bitcoin. XRP/USD is currently affective lower and is testing a above abutment breadth abreast $0.5250.
Ripple Price Support
Yesterday, we saw a nice upside move aloft the $0.5400 akin in Ripple amount adjoin the US Dollar. The amount traded aloft the $0.5500 and $0.5600 attrition levels. However, the amount bootless to authority assets aloft $0.5600 and formed a aerial abreast $0.5620. A beginning downside move was accomplished and the amount beneath beneath the $0.5400 level. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $0.5100 low to $0.5616 high.
More importantly, the amount bankrupt the 100 alternate simple affective boilerplate to analysis the $0.5200 support. On the downside, there is a key abutting bullish trend band in abode with abutment at $0.5250 on the alternate blueprint of the XRP/USD pair. The trend band abutment is abutting to the 61.8% Fib retracement akin of the aftermost beachcomber from the $0.5100 low to $0.5616 high. If the amount fails to authority the trend band and abutment at $0.5250, there may be added losses. The next support on the downside sits about the $0.5100 level.
Looking at the chart, the amount charge break aloft the $0.5250 support. On the upside, an antecedent attrition is at $0.5400, aloft which, the amount may conceivably retest the $0.5600 resistance.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD has confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now able-bodied beneath the 50 level.
Major Support Level – $0.5250
Major Resistance Level – $0.5400
