Friday, August 23, 2019

Ripple (XRP) Price Face Resistance: Can Bulls Overcome 100 SMA?

This post was originally published here

Ripple price started a short term recovery from the $0.3686 swing low against the US dollar.The price traded above the $0.4000 level, but it failed to surpass the $0.4050 resistance.There is a key contracting triangle forming with resistance near $0.3960 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could either break the $0.4050 resistance or decline again below the $0.3800 level.Ripple price is currently consolidating in a range against the US Dollar, similar to bitcoin. XRP must break the $0.4000 and $0.4050 resistance levels to continue higher in the near term.Ripple Price AnalysisAfter a major decline, ripple price found support near the $0.3680 area against the US Dollar. The XRP/USD pair traded as low as $0.3686 and recently started an upside correction. There was a break above the $0.3800 and $0.3900 resistance levels. The price even broke the $0.4000 level, but the $0.4050 level acted as a strong resistance. A swing high is formed near $0.4048 and the price is currently well below the 100 hourly simple moving average.There was a downward move below the $0.4000 level and the 23.6% Fib retracement level of the recent wave from the $0.3686 swing low to $0.4048 high. Ripple price even broke the $0.3900 level and spiked towards $0.3800. It seems like the 50% Fib retracement level of the recent wave from the $0.3686 swing low to $0.4048 high is currently acting as a support. Moreover, there is a key contracting triangle forming with resistance near $0.3960 on the hourly chart of the XRP/USD pair.On the upside, the triangle resistance, $0.4000, and the 100 hourly SMA holds the key. A successful close above the 100 hourly SMA could trigger more gains. If there is a follow through above $0.4050, the price is likely to accelerate above the $0.4100 level. The next stop for the bulls could be $0.4220. Conversely, if there is a downside break below $0.3850 and 61.8% Fib retracement level of the recent wave from the $0.3686 swing low to $0.4048 high, then there could be more losses.Looking at the chart, ripple price is currently consolidating below $0.4000 and $0.4050. The bulls need to gain pace above $0.4050 to start a fresh increase. If they continue to fail, the price is likely to move down below $0.3850 and $0.3800 in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level, with a bearish angle.Major Support Levels – $0.3850, $0.3820 and $0.3700.Major Resistance Levels – $0.3960, $0.4000 and $0.4050.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Name Price24H (%)
Bitcoin (BTC)
$10,376.98
2.09%
Ethereum (ETH)
$193.95
0.04%
XRP (XRP)
$0.276174
1.55%
Litecoin (LTC)
$75.15
1.48%
Stellar (XLM)
$0.068840
-0.88%
Monero (XMR)
$82.98
0.35%
EOS (EOS)
$3.68
-0.19%
Bitcoin Cash (BCH)
$310.84
-0.21%

TOP REVIEWS

The 3 Best Bitcoin Cloud Mining: Reviews & Recommendations

BTC Cloud Mining Reviews: Bitcoin (And Altcoins) Mining & Income Made Easy! In this article, we take a deep dive into Bitcoin cloud mining and...