THELOGICALINDIAN - Key Highlights
Ripple amount charcoal in a bearish area adjoin the US Dollar and Bitcoin. XRP/USD could advance declines if sellers advance the amount beneath $0.3400.
Yesterday, we discussed a possible bottomward move appear $0.3000 in ripple amount adjoin the US Dollar. The XRP/USD brace did barter lower and bankrupt the $0.3500 abutment level. The amount activated the $0.3400 akin and it is currently accumulation losses. The accepted amount activity is bearish beneath $0.3600 and the 100 alternate simple affective average. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo accelerate from the $0.3753 aerial to $0.3400 low.
On the upside, there are abounding hurdles for buyers abreast the $0.3550 and $0.3600 levels. There is additionally a above bearish trend band formed with attrition at $0.3550 on the alternate blueprint of the XRP/USD pair. The trend band is abreast the 50% Fib retracement akin of the contempo accelerate from the $0.3753 aerial to $0.3400 low. Above the trend line, the abutting hurdle is abreast the $0.3600 akin and the 100 alternate SMA. Therefore, if the amount corrects higher, it could acquisition a strong resistance abreast $0.3500 or $0.3600.
Looking at the chart, ripple amount is disturbing to balance aloft $0.3600. If sellers abide in action, the amount could breach the $0.3400 low. The abutting key abutment is at $0.3300, beneath which the amount may analysis $0.3180.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is currently collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now about the 35 level.
Major Support Level – $0.3400
Major Resistance Level – $0.3600
