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

4yrs ago Crypto newsbtc Views: 150

  • Ripple price managed to stay above the $0.2850 support area against the US dollar.
  • The price is currently facing a strong resistance near the $0.2900 and $0.2910 levels.
  • There is a major bearish trend line in place with resistance near $0.2910 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could either recover above $0.2950 or start a fresh decline below the $0.2850 support.

Ripple price is currently consolidating in a tight range against the US Dollar and bitcoin. XRP is likely to make the next move either above $0.2950 or below $0.2850 in the near term.

Ripple Price Analysis

After a massive drop towards $0.2790, ripple price started a short term correction against the US Dollar. The XRP/USD pair traded as low as $0.2797 and recently recovered above the $0.2820 and $0.2850 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $0.3080 high to $0.2797 low. The price even traded above the $0.2900 level, but it faced a strong resistance near the $0.2950 and $0.2955 levels.

It failed to clear the $0.2960 level and the 100 hourly simple moving average. Besides, there was a rejection near the 50% Fib retracement level of the last decline from the $0.3080 high to $0.2797 low. As a result, there was a fresh drop and the price retested the $0.2850 support level. At the moment, the price is slowly moving higher and testing the $0.2900 level plus the 100 hourly SMA. There is also a major bearish trend line in place with resistance near $0.2910 on the hourly chart of the XRP/USD pair.

Therefore, ripple seems to be preparing for the next break either above $0.2910 or below $0.2850. If there is an upside break above $0.2910 and the 100 hourly SMA, the price could recover towards the $0.2950 resistance. The next key resistance is near $0.3000 or the 76.4% Fib retracement level of the last decline from the $0.3080 high to $0.2797 low. Conversely, if there is no upside break above $0.2910, the price could collapse below the $0.2850 support area.

-

Looking at the chart, ripple price is clearly trading near important levels above $0.2850. As long as the price is above $0.2850, there are chances of a decent recovery towards the $0.2950 or $0.3000 levels. Having said that, a close above the $0.3050 and $0.3080 levels is must to move into a positive zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher and is currently above the 50 level.

Major Support Levels – $0.2860, $0.2850 and $0.2800.

Major Resistance Levels – $0.2950, $0.2960 and $0.3000.

Ripple (XRP) Price Trading Near Key Inflection Point: Bear or Bottom? 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.