Ripple News

Ripple News | Key Resistance For Ripple (XRP)/USD At $0.5550


Ripple declined below the level of $0.5400 yesterday which was against the US dollar. The support level formed by XRP/USD pair was broken as well and dropped below $0.5200, and it settled below the simple moving average of 100 hours. The low was formed at $0.5022 when the price starts falling towards the $0.5000 support level. Afterwards, upside correction also took place which shoots the price up above $0.5200 level.

During upside correction, 23.6% level of fib retracement was surpassed by the increasing price level. This level was formed out of the previous decline to the low of $0.5020 from the high of $0.6185. At present the price action is decisive, and it is over the level of $0.5250.

Though the price action is affirmative, it is nearing a resistance level around $0.5550-$0.5600. On the hourly XRP/USD price chart, there is a bearish trend becoming visible with the trend line having a resistance formation around $0.5550. With the development, the trend line is also going close to 50% of the fib retracement level of the previous decline as mentioned in the above paragraph.

On top of that, the 100 hourly simple moving average is also close to the $0.5550 level. Hence, if the XRP/USD price rises, it is evident that it will face a robust resistance around $0.5550-$0.5600.

The Ripple charts provide a clear picture that the price is going to tumble around $0.5550 and once this resistance is broken, the price could move up to $0.5800 level with the buyers gaining the control over it. A downside primary support has already built at $0.5250 and which has been followed at $0.5160.

The technical hourly indicators show Hourly MACD for XRP/USD is again returned to the bullish arena. Hourly Relative Strength Index for XRP/USD has risen more than the level of 50. The primary support level is forming at $0.5160, and the major resistance level is forming at $0.5550.


Related Articles

Payments License Granted to SBI Ripple Asia for Blockchain App

Akansha Kesarwani

Siam Bank to Use 30,000 ATM Machines for Remittance of Money

Akansha Kesarwani

Borse Stuttgart Approves Listing of ETNs of XRP & Litecoin

Akansha Kesarwani