StyleKandi
Aayush Jindal

This Confluence Of Bearish Factors Shows Ripple (XRP) Could Dive Again

Ripple began an upside correction after buying and selling as little as $0.1690 towards the US Dollar. XRP worth is at the moment going through a powerful resistance at $0.1800 and it might resume its decline.

  • Ripple corrected greater above the $0.1720 and $0.1750 resistance ranges towards the US greenback.
  • The worth is at the moment struggling to clear the $0.1800 resistance area and the 100 hourly SMA.
  • There is a connecting bearish development line forming with resistance close to $0.1780 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
  • The pair should settle above the $0.1800 resistance to start out a gentle restoration within the close to time period.

Ripple Price Could Fail Near $0.1800

This previous week, ripple worth prolonged its decline under the $0.1900 help. XRP broke many key helps close to $0.1880 to maneuver additional right into a bearish zone.

More importantly, there was an in depth under the $0.1800 stage and the 100 hourly easy shifting common. It traded to a brand new month-to-month low at $0.1690 and lately began an upside correction. The bulls pushed the worth above the $0.1720 and $0.1750 resistance ranges.

Read More:  Major Swiss Insurer Adds Bitcoin and Ether Payments

The worth even spiked above the 50% Fib retracement stage of the downward transfer from the $0.1866 excessive to $0.1690 low. However, the earlier help close to the $0.1800 stage is now performing as a powerful resistance for the bulls.

Ripple worth trades under $0.1800. Source: TradingView.com

There can be a connecting bearish development line forming with resistance close to $0.1780 on the hourly chart of the XRP/USD pair. Above the development line, the 61.8% Fib retracement stage of the downward transfer from the $0.1866 excessive to $0.1690 low is close to $0.1800 and the 100 hourly easy shifting common.

The bulls must clear the $0.1800 resistance stage and the 100 hourly SMA to start out a gentle improve. If they succeed, the worth might get well in the direction of the $0.1880 and $0.1900 resistance ranges.

Fresh Decline in XRP?

Conversely, ripple worth would possibly begin a recent drop from the $0.1800 resistance stage. An preliminary help is close to the $0.1760 and $0.1750 ranges.

Read More:  Bitcoin’s Outlook Darkens as Bearish Pattern Emerges: Here’s How Low It Could Go

If the worth settles under the $0.1750 help, it might proceed to maneuver down and resume its decline. The subsequent essential help is at $0.1700, adopted by $0.1680.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly shifting again into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and it’s at the moment under the 50 stage.

Major Support Levels – $0.1750, $0.1700 and $0.1680.

Major Resistance Levels – $0.1780, $0.1800 and $0.1880.

Take benefit of the buying and selling alternatives with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose cash.

EditorialTeam

Add comment