THELOGICALINDIAN - Ripple amount is now trading beneath key supports adjoin the US Dollar and bitcoin XRP amount is acceptable to advance its abatement beneath the 02160 and 02140 levels
Ripple Price Analysis
After disturbing to break aloft the $0.2240 support, ripple amount continued its abatement adjoin the US Dollar. XRP amount traded beneath the $0.2200 abutment breadth to move into a downtrend.
Besides, there was a abutting beneath the $0.2200 abutment and the 100 alternate simple affective average. The amount traded beneath the $0.2180 akin and formed a new account low abreast the $0.2166 level.
It is currently acclimation college and trading aloft $0.2180. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $0.2231 aerial to $0.2166 low.
However, there are abounding hurdles on the upside, starting with $0.2200. Additionally, yesterday’s key bearish trend band is complete with attrition abreast $0.2200 on the alternate blueprint of the XRP/USD pair.
More importantly, the 50% Fib retracement akin of the contempo abatement from the $0.2231 aerial to $0.2166 low is abreast the $0.2200 area. Therefore, an upside breach aloft $0.2200 and $0.2205 won’t be accessible in the abreast term.
If ripple amount surpasses the $0.2200 resistance, it could balance appear the $0.2240 attrition breadth (the antecedent breakdown zone). Any added assets ability change the trend and the amount could balance appear the $0.2320 resistance.
On the added hand, the amount ability alpha a beginning abatement from the $0.2200 resistance. An antecedent abutment is abreast the $0.2160 and $0.2150 levels. If the bears accretion drive beneath $0.2150, there is a accident of a bead appear $0.2120 or alike $0.2100.
Looking at the chart, ripple amount is aback in a bearish area beneath the $0.2240 and $0.2200 levels. Thus, the contempo breakdown is acceptable to advance the amount appear $0.2100. Conversely, a abutting aloft $0.2240 ability abate the accepted bearish scenario.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently acclimation college appear the 40 level.
Major Support Levels – $0.2160, $0.2150 and $0.2120.
Major Resistance Levels – $0.2200, $0.2240 and $0.2260.
