THELOGICALINDIAN - Key Highlights
Ripple amount fell acutely beneath key supports adjoin the US Dollar and Bitcoin. XRP/USD is acceptable to extend declines appear the $0.5150 and $0.5100 levels.
Ripple Price Resistance
Yesterday, Ripple amount fabricated an attack to break the $0.5500 resistance adjoin the US Dollar. The XRP/USD brace bootless to move accomplished $0.5500 and $0.5505, which resulted in a downside move. The amount beneath and bankrupt a few important supports including $0.5400 to move into a bearish zone. It alike traded beneath the $0.5350 abutment and the 100 alternate simple affective average.
More importantly, yesterday’s accent important ascendance approach was breached with abutment at $0.5350 on the alternate blueprint of the XRP/USD pair. The brace austere the 50% Fib retracement akin of the aftermost beachcomber from the $0.5094 low to $0.5611 aerial to advance declines. At the moment, the amount is trading beneath the $0.5300 akin and the 100 alternate SMA with bearish signs. It may abide to abatement appear the $0.5150 level. An intermediate support is about the 76.4% Fib retracement akin of the aftermost beachcomber from the $0.5094 low to $0.5611 high.
Looking at the chart, the amount acutely confused into a bearish area beneath $0.5300. If sellers abide in action, there is alike a adventitious of ripple amount retesting the $0.5100 zone. On the upside, the bankrupt abutment at $0.5350 and 100 alternate SMA are acceptable to act as resistances.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now abreast the oversold levels.
Major Support Level – $0.5100
Major Resistance Level – $0.5350
