THELOGICALINDIAN - Key Highlights
Ripple amount is beneath bearish burden adjoin the US Dollar and Bitcoin. XRP/USD could actual higher, but the antecedent abutment at $0.5500 may now anticipate gains.
Yesterday, we discussed about a brace of important supports abreast the $0.5520 akin for Ripple amount adjoin the US Dollar. The XRP/USD brace afresh faced an added affairs burden and bankrupt the $0.5520 support. The abatement was such that the amount alike bankrupt the $0.5500 abutment and the 100 alternate simple affective average. Sellers alike managed to bright the aftermost above beat low at $0.5320.
More importantly, there was a breach beneath an important bullish trend band with abutment at $0.5420 on the alternate blueprint of the XRP/USD pair. The brace surpassed the $0.5200 akin and traded abutting to the $0.5000 support. A low was formed at $0.5022 and the amount is currently accumulation losses. An antecedent attrition is the 23.6% fib retracement akin of the contempo bead from the $0.6190 beat aerial to $0.5022 low. However, it seems like the amount may actual appear the $0.5500 level, which is acceptable to act as a resistance. Moreover, the 50% fib retracement akin of the contempo bead from the $0.6190 beat aerial to $0.5022 low is at $0.5600.
Looking at the chart, ripple amount charcoal advertise on rallies abreast the $0.5500 and $0.5600 levels. On the downside, if the amount break the $0.5000 support, there could be added losses appear $0.4800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is able-bodied beneath the 40 level.
Major Support Level – $0.5000
Major Resistance Level – $0.5300
