Charted: Ripple (XRP) Could Restart Rally If It Clears The $0.30 Hurdle

2020-11-19 10:48

Ripple started a downside correction from the $0.3080 resistance against the US Dollar. XRP price is trading above $0.2900 and it must surpass $0.3000 for a fresh rally.

Ripple started a sharp downside correction from the $0.3083 swing high against the US dollar. The price is now trading below the $0.3000 resistance, but above the 100 hourly simple moving average. There is a major bullish trend line forming with support near $0.2880 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to restart its rally if it clears the $0.2960 and $0.3000 resistance levels. Ripple Price is Facing Key Hurdle

This week, we saw a sharp rise in ripple above the $0.2880 resistance zone. XRP price even broke the $0.2920 resistance level and settled above the 100 hourly simple moving average.

Finally, there was a break above the $0.3000 level and the price traded to a new monthly high at $0.3083 before correcting lower. There was a sharp decline below the $0.3000 support (similar to bitcoin and ETH).

XRP price even broke the $0.2920 support level, but it found support near the $0.2800 level. It recovered back above the $0.2880 pivot level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.3083 high to $0.2805 low.

Source: XRPUSD on TradingView.com

It seems like there is a major bullish trend line forming with support near $0.2880 on the hourly chart of the XRP/USD pair. On the upside, the price is facing a major resistance near the $0.2960 level. It is close to the 50% Fib retracement level of the downward move from the $0.3083 high to $0.2805 low.

A clear break above the $0.2960 resistance level might clear the path for more upsides above $0.3000. A successful close above $0.3000 could lead the price towards the $0.3080 and $0.3120 levels.

Key Supports For XRP

The first key support for ripple is near the $0.2900 level. The next key support is forming near the $0.2880 level and a connecting bullish trend line.

The 100 hourly SMA is also aligned with the trend line support and $0.2860. A clear break below the trend line support, the 100 hourly SMA, and $0.2850 could increase the chances of a sharp decline.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is below the 50 level.

Major Support Levels – $0.2900, $0.2880 and $0.2850.

Major Resistance Levels – $0.2960, $0.3000 and $0.3080.

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Ripple (XRP) на Currencies.ru

$ 2.2417 (+0.23%)
Объем 24H $11.112b
Изменеия 24h: -0.41 %, 7d: -7.17 %
Cегодня L: $2.1858 - H: $2.2889
Капитализация $128.342b Rank 4
Цена в час новости $ 0.2873 (680.26%)

ripple correction started downside rally xrp above

Источник: newsbtc.com

ripple correction → Результатов: 74


Ripple will soon need to find a way to distance itself from ‘Ripple Token,’ claims Tone Vays

Tone Vays is a derivatives trader and popular YouTuber known for his technical analysis of Bitcoin and his strong opinion about other cryptocurrencies, including XRP and the company Ripple. Speaking about Bitcoin to BloxLiveTv, Vays said that he was waiting for a 30-40% correction and the price of Bitcoin to fall to the $4,000-level.

2019-7-9 15:00


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