THELOGICALINDIAN - Key Highlights
Ripple amount continued the contempo abatement adjoin the US Dollar and Bitcoin. XRP/USD is now in a bearish area and it could abatement added appear the $0.3100 level.
After disturbing to bright the $0.4000 resistance, ripple amount started a downside move adjoin the US Dollar. The XRP/USD brace beneath heavily and bankrupt the $0.3800 and $0.3550 abutment levels. There was alike a abutting beneath the $0.3600 akin and the 100 alternate simple affective average. Finally, the amount bankrupt the $0.3440 abutment and traded as low as $0.3289. The amount is currently accumulation losses and it may actual a few credibility appear $0.3550.
An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $0.3952 aerial to $0.3289 low. There is additionally a above bearish trend band formed with attrition at $0.3560 on the alternate blueprint of the XRP/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo abatement from the $0.3952 aerial to $0.3289 low. Therefore, if the amount corrects higher, it could face a able attrition abreast the $0.3440 or $0.3550 attrition levels. On the downside, the contempo low is a short appellation support at $0.3280 followed by $0.3250.
Looking at the chart, ripple amount acutely confused into a bearish area beneath $0.3600 and the 100 alternate simple affective average. Any upside alteration is acceptable to face hurdles abreast $0.3550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now able-bodied beneath the 40 level.
Major Support Level – $0.3280
Major Resistance Level – $0.3550
