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Ripple Price Analysis: XRP Following Downtrend Channel Below $0.3200

Ripple price analysis: xrp following downtrend channel below $0. 3200

Ripple Price Analysis: XRP Following Downtrend Channel Below $0.3200

  • Ripple price declined further below $0.3080 and tested the $0.3000 support area against the US dollar.
  • The price traded as low as $0.2983 and it is currently correcting above the $0.3050 level.
  • There is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to face a lot of hurdles near the $0.3150, $0.3185 and $0.3200 resistance levels.

Ripple price moved back in a bearish zone against the US Dollar and bitcoin. XRP/USD declined steadily before it bounced back after testing the $0.3000 support level.

Ripple Price Analysis

Yesterday, we discussed the chances of more losses towards $0.3000 in ripple price against the US Dollar. The XRP/USD pair failed to hold gains above the $0.3200 support and later declined. It broke the $0.3145 and $0.3150 support levels to move into a bearish zone. There was a proper close below the $0.3150 level and the 100 hourly simple moving average. The price traded below the $0.3050 support and even spiked below the $0.3000 level. A new intraday low was formed at $0.2983 before the price started an upside correction.

Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low. However, there is a strong resistance formed near the $0.3145 and $0.3150 levels. More importantly, there is a major declining channel in place with resistance near the $0.3145 level on the hourly chart of the XRP/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $0.3150 level. The next key resistance is near the $0.3185 level. It represents the 50% Fib retracement level of the recent drop from the $0.3389 high to $0.2983 low.

If there is an upside break above $0.3150, the price could face sellers near $0.3185 or $0.3200. On the other hand, if the price fails to move above $0.3200, there could be a fresh decline. An initial support is near the $0.3050 level, below which the price may revisit $0.3000.

Ripple price analysis xrp usd

Looking at the chart, ripple price seems to be trading in a bearish zone below $0.3200. As long as XRP is placed below $0.3185 and $0.3200, it remains in a downtrend. On the downside, a break below the $0.3000 support will likely push the price towards the $0.2850 level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to remain flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD failed to stay above the 50 level and moved to 45.

Major Support Levels – $0.3050, $0.3020 and $0.3000.

Major Resistance Levels – $0.3150, $0.3185 and $0.3200.

Published at Thu, 28 Feb 2019 05:00:04 +0000

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CURRENSEE -World’s First physical gold backed cryptocurrency launches successfully

Dubai, London, Hongkong, December 6, 2017 – World’s first 100% physical gold-backed cryptocurrency – CURRENSEE announces its launch.  Historically, gold has been the mode of payment and wealth preservation. However, it requires expensive security, safekeeping, and insurance. CURRENSEE Coin will bring the unique characteristics of Gold into the Blockchain space with its long-established role as a store of value with cryptocurrency’s global payments network technology.

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The post CURRENSEE -World’s First physical gold backed cryptocurrency launches successfully appeared first on NEWSBTC.

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