Ripple Mid Week Analysis - XRP Begins Fresh Decrease
Ripple (XRP) is currently facing minor bearish pressure against the United States Dollar. A situation that closely resembles Bitcoin’s bearish movements. Meanwhile, Ripple’s XRP remains under the risk of price declines towards the $0.2140 support level in the near term.
Ripple Price AnalysisThe past few days have seen Ripple achieve a decent upward correction above the $0.2200 resistance against the United States Dollar.In fact, the third-largest coin by market cap traded above the $0.2280 and $0.2250 resistance levels.Furthermore, breaking beyond the $0.2300 resistance as well as the 100 hourly simple moving average. The price, however, struggled to gain more strength above the major $0.2320 resistance area. On the other hand, a high has formed around the $0.2324. A price point that has gained traction before setting off into a fresh decline below the $0.2300. Additionally, there has also been a break below the 23.6% Fibonacci retracement level of the upward price correction from the $0.2098 low to $0.2324 high. Ripple also breached its near term support of $0.2280 yesterday on the hourly XRP/USD pair trading chart. Besides, the pair settled around the $0.2260 and the 100 hourly simple moving Ripple is now trading below the $0.2240 and approaching the 50% Fib retracement level of the upward move from the $0.2098 low to $0.2324 high. It seems like the $0.2210 and $0.2200 levels are decent supports.
Fib Retracement LevelDuring press time, Ripple is trading below the $0.2240 and approaching the 50% Fibonacci retracement level of the recent price increase from the $0.2098 low to $0.2324 high. Hence, it seems likely that the $02210 and $0.2200 could make decent supports. In case the price fails to stay afloat beyond the $0.2200 support, a continued movement towards the $0.2140 level could be on the cards. However, an intermediate support is closely taking shape near the 61.8% Fibonacci retracement level of the recent upward correction to the $0.2324 high from $0.2098 low. The previous support around the $0.2240 could also act as a key resistance on the upside. Meanwhile, the first key resistance is somewhere around $0.2260 and the 100 hourly simple moving average. Hence, the price should first move beyond both decent supports, to make it possible for a revisit towards the key $0.2320 resistance area.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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