Ripple (XRP) Signaling Bearish downturn until the bulls dominate $ 0.20
[ad_1]
Ripple has traded at a new weekly low at $ 0.1849 and is currently correcting higher against the US dollar. The XRP is expected to face major resistance near the $ 0.2000 and $ 0.2050 levels.
- Ripple is showing signs of upward correction from the low of $ 0.1850 against the US dollar.
- The price is currently trading above $ 0.1920, but faces many obstacles near $ 0.2000.
- A major declining channel is forming with resistance close to $ 0.1960 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could reach $ 0.2000 or $ 0.2050, where the sellers should take a position.
Recovery in drive prices may soon fail
Over the past few sessions, the ripple has followed a bearish pattern and extended its decline below $ 0.1880. The price of XRP traded at a new weekly low of $ 0.1849 and settled well below the simple moving average of 100 hours.
It is currently correcting higher and trading above the resistance of $ 0.1920. There was a break above the Fibonacci retracement level of 23.6% from the main decline, going from the highest of $ 0.2250 to the lowest of $ 0.1849.
The price is currently facing obstacles near the $ 0.1960 level. A channel in major decline is also forming with a resistance close to $ 0.1960 per hour graphic
Related Downloads:
of the XRP / USD pair.
Ripple prices
The current price action suggests that the ripple could exceed the channel resistance and $ 0.1980. However, there are many obstacles waiting to rise near the $ 0.2000 and $ 0.2050 levels.
The main hurdle is near the $ 0.2050 level as it is close to the 100-hour simple moving average. The 50% retracement level from the main decline from the highest of $ 0.2250 to the lowest of $ 0.1849 is also close to the level of $ 0.2049 to stop the bulls.
To enter a positive zone, the price of the XRP must rise above the resistance of $ 0.2000, then take a bullish momentum above the resistance zone of $ 0.2050.
Bearish scenario for XRP
If Ripple is struggling to correct above the resistance levels of $ 0.1960 and $ 0.2000, there are possibilities for new drawbacks in XRP. The first support is seen near the level of $ 0.1900.
The main support is now forming near the level of $ 0.1850, below which there is a good chance of an extension towards the levels of $ 0.1780 and $ 0.1750.
Technical indicators
Hourly MACD – The MACD for XRP / USD is accelerating slowly in the bullish zone.
Hourly Relative Strength Index (RSI): The RSI for XRP / USD is currently well above the 50 level.
Main support levels: $ 0.1920, $ 0.1880 and $ 0.1850.
Main resistance levels: $ 0.1960, $ 0.2000 and $ 0.2050.
Take advantage of business opportunities with Plus500
Risk Warning: 76.4% of CFD retail accounts lose money.