Can Ripple Break This Resistance?

23 January, 2018

Ripple price is correcting higher against the US Dollar and Bitcoin. XRP/USD is facing a major resistance on the upside around $1.48-1.50 and the 100 hourly SMA.

Ripple Price Remains Bearish


There was a break below the $1.45 support level in Ripple price recently against the US Dollar. The price traded lower and broke the $1.20 support. It also traded below the 50% Fib retracement level of the last leg from the $0.8830 low to $1.7445 high. It traded close to the $1.1500 level and formed a low at $1.1361. Later, it started an upside correction and recovered above the $1.20 level.

There was a push above the 23.6% Fib retracement level of the last decline from the $1.65 high to $1.13 low. However, there are many resistances on the upside near $1.45-1.48. Most importantly, yesterday’s highlighted key bearish trend line with current resistance at $1.4800 is intact on the hourly chart of the XRP/USD pair. The trend line resistance at $1.48 is close to the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last decline from the $1.65 high to $1.13 low is around the same trend line.

On the downside, the $1.20 level is a short-term support. If the price fails to move above the $1.48 resistance, it could break the $1.20 support for more losses.


Looking at the technical indicators:

  • Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has managed to move above the 50 level.
  • Major Support Level – $1.2000
  • Major Resistance Level – $1.4800

Key Highlights

  • Ripple price traded lower recently towards the $1.3500 support area against the US dollar.
  • Yesterday’s highlighted key bearish trend line with current resistance at $1.4800 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may move further higher, but it won’t be easy for buyers to break $1.50 and the 100 hourly simple moving average.

Source link  
Bitcoin Cash upsides capped near 100 SMA

Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar. There is an expanding triangle forming...

CryptoMarket Recovers to $210 bln

In the past 24 hours, despite the strong downtrend of major cryptocurrencies, the crypto market demonstrated a quick recovery from this week' losses...

Tron Jumps on Bitbox Listing

Tron (TRX), one of the largest cryptocurrencies, leaped more than 13% on Wednesday as Bitbox, the new exchange of Asian messenger giant...


Bitcoin and Ethereum Rise 6%

Over the past 12 hours, Bitcoin and Ethereum have risen by more than 6 percent in value, but some analysts are still not convinced about the short-term...

Ethereum Plunges 20%

Ethereum plunged 20%, while Ripple and Litecoin were also down more than 13% on Tuesday on reports that investors who bought Ethereum to participate in initial coin offerings...

Bitcoin Hinting Another Bear Flagpole

So it seems from the latest Bitcoin price action which, during the weekend, jumped more than 7.5% and promised an extended breakout, but fell short of delivering it...


$6000 a 'Crucial' Level for Bitcoin Price

Bitcoin's $6,000 price region has been described as a crucial support by Rivemont Crypto Fund, based in Canada. The details of this description is recorded...

Litecoin Bulls Holding $60

Litecoin price is holding a key support near the $60.00 level against the US Dollar. LTC/USD may perhaps slowly recover as long as it is above $60.00. Litecoin price...

BTCUSD Bull Pennant Formation

The BTC/USD pair yesterday established a new intraday low at 6131-fiat, a level that attracted buyers waiting to buy the dip, and has gained as much as 7%...

  


Share: