Staying Above 100 SMA Can Avoid Setback For Ripple (XRP)
Ripple failed to clear the $0.2500 resistance and adjusted the low compared to the US Dollar. The price of XRP should remain above $0.2380 and 100 simple moving average (SMA) per hour to start a new increase.
Ripple fell 3% and bounced back from a high $0.2485 against the US dollar. The price trades close to the $ 0.2380 subscription and the 100 simple hourly rate. There was a break below the major growing channel with funding close to $0.2430 on the hourly chart of the XRP / USD pair. The pair should stay above $ 0.2380 to start a new expansion soon.
Ripple Price Recovers 4%
After a respectable rise above $0.2350, the ripple faces obstacles close to $0.2380. The price of XRP $ 0.2385 was traded highest and recently started a downfall. There was a pause below the $0.2450 and $0.2420 levels. The price even broke the 50% Fib refund rate of a maximum increase from $0.2310 low to $0.2485 high. In addition, there has been a break under the major growing channel with close support of $0.2430 on the XRP / USD pair hourly chart.
The pair now trades near the support level of $0.2380 and 100 SMA. The Fib recovery rate of 61.8% of the maximum increase from $0.2310 low to $0.2485 is also close to the level of $0.2380.
As long as the price is above the $0.2380 support, it could start a new upward trend. The initial resistance is near the $0.2420 level. The first major resistance is near the $0.2450 level, above which the price may also rise above the $0.2485 high. Any further gains could start a steady rise to the resistance area of $0.2550.
Bearish Break in XRP?
The MACD for XRP / USD is currently losing momentum in the bearish area. Hourly RSI (Relative Strength Index) – XRP / USD is now below the 50 level. The major support levels for XRP / USD pair are at $0.2380, $0.2350 and $0.2300. Also the maximum resistance level are at $0.2420, $0.2450 and $0.2480.
If the ripple fails to stay above the support of $0.2380 and 100 SMA per hour, there is a risk of a new decline. Subsequent major support is close to the $0.2350 level.
A break below the $0.2350 support could start another bearish wave. In the aforementioned case, the price may also refer to the support level of $0.2300. Any further loss could result in the price up to $0.2250 and $0.2200 in future sessions.
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