THELOGICALINDIAN - Key Highlights
Ripple amount charcoal in a bearish area adjoin the US Dollar and Bitcoin. XRP/USD is acceptable to extend declines beneath $0.2600 if sellers abide in action.
Ripple Price Decline
Yesterday, we discussed that Ripple amount could breach the $0.2650 abutment area adjoin the US Dollar. The XRP/USD brace did move lower and bankrupt the $0.2700 and $0.2650 abutment levels. A new account low was formed at $0.2599 and after the amount adapted higher. It confused aloft the 23.6% fib retracement akin of the contempo abatement from the $0.2899 aerial to $0.2599 low.
However, the upside move charcoal capped abreast the $0.2750 level. It is the 50% fib retracement akin of the contempo abatement from the $0.2899 aerial to $0.2599 low. More importantly, yesterday’s accent aloft bearish trend band is alive with attrition at $0.2800 on the alternate blueprint of the XRP/USD pair. The trend band attrition is additionally abreast the 100 alternate simple affective boilerplate at $0.2820. Therefore, if the amount corrects aloft $0.2750, it is likely to face sellers abreast the $0.2800 and $0.2820 levels. On the downside, a breach beneath the $0.2600 area could accessible the doors for a advance appear the $0.2500 support.
Looking at the chart, ripple amount charcoal in a abrogating area beneath $0.2820. Sellers are acceptable to abide in activity as continued as there is no abutting aloft $0.2850 and the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently beneath the 50 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2800
