THELOGICALINDIAN - Key Highlights
Ripple amount is trading in a bearish area adjoin the US Dollar and Bitcoin. XRP/USD could accretion upside drive if buyers advance the amount aloft $0.4950.
Yesterday, we saw a downside reaction beneath the $0.5000 akin in Ripple amount adjoin the US Dollar. The XRP/USD brace traded appear the $0.4600 akin and formed a low at $0.4619. Later, there was an upside alteration aloft the $0.4800 level. There was a breach aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $0.5283 aerial to $0.4619 low. However, the upside move was adequate by the $0.5000 attrition and the 100 alternate simple affective average.
More importantly, yesterday’s accent key bearish trend band is alive with attrition at $0.4940 on the alternate blueprint of the XRP/USD pair. Additionally, the 50% Fib retracement akin of the aftermost accelerate from the $0.5283 aerial to $0.4619 low is at $0.4950. The brace seems to be award a strong affairs interest abreast the trend lines, 100 SMA, and the $0.4950 level. A breach aloft this could access affairs of a advance aloft the $0.5000 resistance. If buyers accomplish in allowance the $0.5000 resistance, the abutting ambition could be $0.5120.
Looking at the chart, ripple amount is acutely disturbing abreast the $0.4950 and $0.5000 attrition levels. As continued as the amount is beneath the $0.5000 level, it could abatement aback to $0.4700 or $0.4600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has confused aback beneath the aloof 50 level.
Major Support Level – $0.4700
Major Resistance Level – $0.4950
