Ripple (XRP) Price Face Resistance: Can Bulls Overcome 100 SMA?
- 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 Analysis
After 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.
Hourly 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.
Go to Source
Author: Aayush Jindal
South Korean Government Seeking To Tax C...Shilpa Ranga 12:47 PM 09 Dec 2019
Forex Broker, FirewoodFX Adopts USDC as ...Ibiam Wayas 11:21 AM 09 Dec 2019
Market Witnessing Significant Rise In Bi...Shilpa Ranga 09:17 AM 09 Dec 2019
Ukraine Passes Law on AML with Crypto P...Richard M Adrian 07:09 AM 07 Dec 2019
Immigration Bureau Arrest 24 Chinese Nat...Richard M Adrian 14:05 PM 06 Dec 2019
India's Central Bank (RBI) Reveals Plans...Olowo 06:03 AM 07 Dec 2019
Binance Seeks Staff To Ramp Up Its Prese...Sandeep Kumar Mishra 13:49 PM 06 Dec 2019