THELOGICALINDIAN - Key Highlights
Ripple amount is placed in a absolute area adjoin the US Dollar and Bitcoin. XRP/USD needs to bright $0.6000 and $0.6800 to advance gains.
This accomplished week, we saw a nasty advancement move from the $0.3500 low in Ripple amount adjoin the US Dollar. The XRP/USD brace alike surpassed the $0.5200 ambition and traded appear the $0.8000 level. A new account aerial was formed at $0.7972 afore the amount started a downside correction. The amount beneath and traded appear the $0.5000 support. A low was formed at $0.4912 and after the amount started accumulation losses.
It adapted college and traded aloft the $0.5500 level. There was additionally a breach aloft the 23.6% fib retracement akin of the aftermost abatement from the $0.7972 aerial to $0.4912 low. However, the upside move faced sellers abreast the $0.6000 and $0.6200 levels. There is additionally a concise abutting bearish trend band in abode with attrition at 0.6000 on the alternate blueprint of the XRP/USD pair. A breach aloft the trend band could advance the amount appear 0.6440. It represents the 50% fib retracement akin of the aftermost abatement from the $0.7972 aerial to $0.4912 low. On the downside, the $0.5000 akin is a appropriate abutment forth with the 100 alternate simple affective average.
Looking at the chart, ripple amount could breach the $0.6000 attrition in the abbreviate term. However, a advance aloft the $0.6800 is bare for a retest of the $0.7950-0.8000 zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is aloft the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.6000
