THELOGICALINDIAN - Ripple amount is trading in a acute declivity adjoin the US Dollar while bitcoin is abutting 8K XRP amount is acceptable to attempt abreast the 02560 and 02600 resistances
Ripple Price Analysis
After basic an average top abreast the $0.2660 level, ripple beneath heavily adjoin the US Dollar. XRP/USD bankrupt abounding key supports abreast $0.2560 to move added into a bearish zone.
Moreover, there was a abutting beneath the $0.2560 akin and the 100 alternate simple affective average. It opened the doors for added losses and the amount beneath heavily beneath the $0.2500 level.
The contempo abatement acquired clip beneath the $0.2450 akin and ripple activated the $0.2400 abutment breadth (as discussed in yesterday’s analysis). A new account low was formed abreast $0.2399 and the amount is currently acclimation higher.
It is testing the 50% Fib retracement akin of the contempo abatement from the $0.2659 aerial to $0.2399 low. On the upside, there are abounding resistances abreast the $0.2540 and $0.2560 levels.
Besides, there is a new abutting bearish trend band basic with attrition abreast $0.2530 on the alternate blueprint of the XRP/USD pair. Above the trend line, ripple amount is acceptable to attempt abreast the $0.2580 akin and the 100 alternate simple affective average.
More importantly, the 76.4% Fib retracement akin of the contempo abatement from the $0.2659 aerial to $0.2399 low is acceptable to act as a able resistance. Finally, yesterday’s accent bearish trend band is complete with attrition abreast $0.2620 on the aforementioned chart.
On the downside, an actual abutment is abreast the $0.2480 level. If the amount starts a beginning abatement beneath $0.2480, it is acceptable to analysis the $0.2420 and $0.2400 levels. Any added downsides depend whether bitcoin break the $8,000 abutment and abide lower.
Looking at the chart, ripple amount is acutely accepting bearish drive beneath $0.2560. In the abbreviate term, there could be an upside correction, but the all-embracing trend charcoal bearish as continued as the amount is trading beneath the $0.2700 level.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now able-bodied beneath the 40 level, with a bearish angle.
Major Support Levels – $0.2480, $0.2420 and $0.2400.
Major Resistance Levels – $0.2560, $0.2580 and $0.2620.
