Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 220

  • Ripple price started an upside correction above the $0.2600 resistance against the US dollar.
  • The price is facing a strong selling interest near the main $0.2650 resistance area.
  • Yesterday’s highlighted major bearish trend line was breached with resistance near $0.2565 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is currently correcting gains and it could find support near the $0.2580 level.

Ripple price is showing positive signs against the US Dollar, while bitcoin rallied 7%. XRP price must climb above the $0.2650 resistance for upside continuation.

Ripple Price Analysis

In the past three sessions, there was a strong upward move in bitcoin above $10,000 and $10,200 against the US Dollar. It helped many altcoins such as Ethereum, ETC, BNB and BCH. Moreover, there were positive signs emerged for ripple and it climbed above the $0.2580 resistance level. XRP price even broke the $0.2600 resistance and the 100 hourly simple moving average.

During the rise, yesterday’s highlighted major bearish trend line was breached with resistance near $0.2565 on the hourly chart of the XRP/USD pair. The pair even broke the $0.2620 resistance area. However, the $0.2650 level acted as a strong resistance (as discussed in yesterday’s analysis). A swing high was formed near $0.2652 and the price is currently correcting gains.

It broke the $0.2620 level plus the 23.6% Fib retracement level of the recent wave from the $0.2511 low to $0.2652 high. On the downside, there is a decent support forming near the $0.2580 level. Additionally, there is a connecting bullish trend line forming with support near $0.2580 on the same chart. Finally, the 50% Fib retracement level of the recent wave from the $0.2511 low to $0.2652 high is also near the $0.2580 level.

Therefore, the $0.2580 level might act as a strong support in the near term. If the price fails to stay above the $0.2580 support, it could test $0.2550 and the 100 hourly SMA. Any further downsides might push the price back towards $0.2500. On the upside, the bulls need to gain momentum above the $0.2620 and $0.2650 resistance levels to push the price further higher.

-

Looking at the chart, ripple price is correcting gains after testing the key $0.2650 resistance area. However, if the $0.2580 support holds the current decline, the price could bounce back. Conversely, the price is likely to extend its decline back towards $0.2500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently flat near the 60 level.

Major Support Levels – $0.2580, $0.2550 and $0.2500.

Major Resistance Levels – $0.2620, $0.2650 and $0.2720.

Ripple Price (XRP) Testing Last Line Of Defense: BTC and ETH Recovering on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.