THELOGICALINDIAN - Key Highlights
Ripple amount started an upside alteration adjoin the US Dollar and Bitcoin. XRP/USD is abutting appear the key attrition breadth abreast $0.5550.
Yesterday, we saw a fresh decline beneath the $0.5400 akin in Ripple amount adjoin the US Dollar. The XRP/USD brace alike bankrupt the $0.5200 abutment akin and acclimatized beneath the 100 alternate simple affective average. The amount traded appear the $0.5000 abutment and formed a low at $0.5022. Later, there was an upside alteration and the amount recovered aloft the $0.5200 level.
During the upside, the amount surpassed the 23.6% fib retracement akin of the aftermost abatement from the $0.6185 beat aerial to $0.5020 low. The accepted amount activity is absolute aloft the $0.5250 level. However, the amount is abutting a cogent attrition abreast the $0.5500-0.5600 zone. There is additionally a acute bearish trend band formed with attrition at $0.5550 on the alternate blueprint of the XRP/USD pair. The trend band is abreast the 50% fib retracement akin of the aftermost abatement from the $0.6185 beat aerial to $0.5020 low. Besides, the 100 alternate SMA is additionally abreast the $0.5550 level. Therefore, if the amount continues to move higher, it is acceptable to face a strong resistance abreast $0.5550-0.5600.
Looking at the chart, ripple amount could attempt abreast $0.5550, aloft which buyers may possibly accretion ascendancy appear $0.5800. On the downside, an antecedent abutment is at $0.5250, followed by the $0.5160 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has jumped aback aloft the 50 level.
Major Support Level – $0.5160
Major Resistance Level – $0.5550
