bitcoinBTC/USD
$ 6,338.49 1.63%
ethereumETH/USD
$ 132.37 0.62%
rippleXRP/USD
$ 0.172896 0.28%
tetherUSDT/USD
$ 0.999563 0.08%
bitcoin-cashBCH/USD
$ 216.74 0.81%
litecoinLTC/USD
$ 38.71 0.28%
eosEOS/USD
$ 2.21 0.00%
binancecoinBNB/USD
$ 12.41 0.10%
bitcoin-cash-svBSV/USD
$ 163.57 0.59%
stellarXLM/USD
$ 0.040154 0.30%
cardanoADA/USD
$ 0.029996 0.58%
tronTRX/USD
$ 0.011537 0.86%
moneroXMR/USD
$ 47.32 0.13%
iotaMIOTA/USD
$ 0.142636 0.17%
dashDASH/USD
$ 64.57 0.57%
neoNEO/USD
$ 6.69 1.08%
zcashZEC/USD
$ 30.82 1.31%

Pullback In Ripple (XRP) Remains Attractive To Bulls In Short Term

Ripple gained traction above $0.1550 and tested the $0.1640 resistance region against the US Dollar. XRP price is currently correcting lower, but dips remain attractive in the short term.

Ripple price is currently correcting gains from the $0.1645 swing high against the US dollar.
The bulls are in control and they are likely to protect the $0.1580 support area.
There is a key connecting bullish trend line forming with support near $0.1580 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is likely to remain well bid above the $0.1580 and $0.1550 support levels in the near term.

Ripple Price is Correcting Gains
Yesterday, we saw a slow and steady increase in ripple above the $0.1500 pivot area. XRP price gained traction and surpassed the $0.1550 and $0.1580 resistance levels.
The bulls remained in action, resulting in a break above the $0.1600 level and the 100 hourly simple moving average. The price traded as high as $0.1645 and it is currently correcting gains.
An initial support is near the $0.1600 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $0.1445 low to $0.1645 high. Moreover, there is a key connecting bullish trend line forming with support near $0.1580 on the hourly chart of the XRP/USD pair.
Ripple Price
It seems like ripple remains well supported on the downside near the $0.1580 level. If there is a downside break below the $0.1580 support level, the price could correct lower towards the $0.1545 level in the near term.
The 50% Fib retracement level of the recent upward move from the $0.1445 low to $0.1645 high is also near $0.1545 to act as a strong support. Any further losses may perhaps start a strong decline back towards the $0.1445 support area.
More Upsides?
If ripple remains well bid above the $0.1580 level and the 100 hourly simple moving average, it could start a fresh increase. An immediate resistance is near the $0.1620 and $0.1640 levels.
A successful break above the $0.1650 resistance is likely to open the doors for a larger rally. The next resistance is near the $0.1700 level, above which the price might surge towards the $0.1800 and $0.1820 levels.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting towards the 50 level.
Major Support Levels – $0.1580, $0.1545 and $0.1500.
Major Resistance Levels – $0.1620, $0.1640 and $0.1700.
Pullback In Ripple (XRP) Remains Attractive To Bulls In Short Term was last modified: March 25th, 2020 by Aayush Jindal

Comments (No)

Leave a Reply