THELOGICALINDIAN - Key Highlights
Ripple amount is placed in a absolute area adjoin the US Dollar and Bitcoin. XRP/USD is acceptable to billow aloft $0.5550 to analysis the $0.6000 attrition level.
There was a accessory downside correction from the $0.5730 beat aerial in Ripple amount adjoin the US Dollar. The XRP/USD brace beneath and traded beneath the $0.5400 abutment level. There was alike a breach beneath the $0.5200 akin and the 100 alternate simple affective average. However, losses were independent by the $0.5000 abutment area. The amount formed a low at $0.4968 and after recovered.
It traded aloft the 50% fib retracement akin of the aftermost abatement from the $0.5739 aerial to $0.4968 low. There was a appropriate advancement move aloft the $0.5400 akin and the 100 alternate SMA. However, the upside move was capped by the $0.5550 level. More importantly, yesterday’s accent important bearish trend band is complete with attrition at $0.5550 on the alternate blueprint of the XRP/USD pair. The 76.4% fib retracement akin of the aftermost abatement from the $0.5739 aerial to $0.4968 low is additionally abreast $0.5557. Therefore, an upside breach aloft the $0.5500 and $0.5550 attrition levels could accessible the doors for more gains.
Looking at the chart, ripple amount is trading accurately aloft the $0.5200 abutment and the 100 alternate SMA. Dips appear $0.5150 charcoal accurate and buyers may anon accomplish an attack to beat $0.5500 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is boring collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is aloft the 50 akin with absolute signs.
Major Support Level – $0.5200
Major Resistance Level – $0.5500
