THELOGICALINDIAN - Key Highlights
Ripple amount is disturbing to accretion bullish drive adjoin the US Dollar and Bitcoin. XRP/USD may abide to consolidate beneath $0.5200 for the abutting few sessions.
After testing the $0.5200 resistance, ripple amount declined already more adjoin the US Dollar. The XRP/USD brace formed a beat aerial at $0.5255 and traded beneath the $0.5150 level. There was alike a abutting beneath the $0.5100 akin and the 100 alternate simple affective average. The abatement was such that the amount acicular beneath the $0.5000 support. However, the amount recovered after and it is currently accumulation aloft $0.5000.
An antecedent attrition is the 23.6% Fib retracement akin of the contempo accelerate from the $0.5255 aerial to $0.4970 beat low. There is additionally a above bearish trend band in abode with attrition at $0.5120 on the alternate blueprint of the XRP/USD pair. Around the trend line, the 50% Fib retracement akin of the contempo accelerate from the $0.5255 aerial to $0.4970 beat low is positioned at $0.5114. Therefore, if the brace corrects higher, it could acquisition a able attrition abreast $0.5115 and $0.5120. Above the trend line, the abutting major hurdle for buyers is abreast the $0.5200 level. On the downside, an antecedent abutment is at $0.4970, beneath which the amount could revisit $0.4860.
Looking at the chart, ripple amount is acutely beneath burden beneath the $0.5200 attrition area. If buyers abide to abort to accretion traction, the amount may conceivably abatement appear $0.4860 or $0.4700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is able-bodied beneath the 50 level.
Major Support Level – $0.4970
Major Resistance Level – $0.5200
