[ad_1]
- The purchase price started a downward correction and traded under the support of 0.3050 USD against the US dollar.
- An important declining channel is in place with resistance close to $ 0.3040 on the XRP / USD time chart (Kraken data source).
- The pair is under pressure and seems to be approaching the key support area at $ 0.2915.
The purchase price mostly corrected its gains against the US dollar and Bitcoin. The XRP / USD has reached a level lower than 0.3050 USD and could extend the current correction to the support zone to 0.2915 USD.
Ripple price badysis
Recently, wave prices began a downward correction after reaching US $ 0.3200 against the US dollar. The XRP / USD pair is traded under support levels of $ 0.3100 and $ 0.3050. The sellers pushed the price under the support of 0.3000 USD and the simple moving average every 100 hours. In addition, there was a break below the Fib retracement level of 61.8% in the last stage, from the lowest level of $ 0.2865 to $ 0.3200. It appears that the price has reduced most of its recent gains and that it could extend the decline to $ 0.2915 in the near term.
It has traded up to $ 0.2939 recently and it is currently correcting upward. An initial resistance is close to the $ 0.3000 level and the SMA every 100 hours. In addition, the Fib retracement level of 50% from the recent fall of the lowest at $ 0.3077 to $ 0.2939 is also close to $ 0.3000. On top of that, the price could struggle near the $ 0.3025 level. The main resistance is close to 0.3050 USD and the Fib retracement rate of 76.4% from the recent low of the lowest at 0.3077 USD to 0.2939 USD. Finally, there is an important declining channel with resistance close to $ 0.3040 on the XRP / USD time chart.
Looking at the chart, the price of the ripples clearly follows a downward trend since the highest swing of $ 0.3200. The price could remain under pressure and could even slide to support at $ 0.2915. To recover, the price must break the resistance levels of 0.3000 USD and 0.3050 USD.
Technical indicators
Hourly MACD – The MACD for XRP / USD is currently in the downtrend zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD has dropped below level 40, with a bearish angle.
Major Support Level – $ 0.2915
Major resistance level – $ 0.3050
Source link
