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The price of the ripple started a new decline from the resistance of $ 0.4870 compared to the US dollar. The XRP / USD may continue to fall towards the $ 0.4310 key support.
Key Takeaways:
- The price of ripple is currently running lower from the $ 0.5000 resistance area.
- The XRP / USD is following a declining channel with resistance at $ 0.4610 on the 2-hour chart.
- The XRP price will probably continue towards an important support zone near the $ 0.4310 level.
Price analysis of undulations
After buyers failed to push the price of ripple above the $ 0.5000 resistance, it was a downward reaction against the US dollar. The XRP / USD followed a bearish trend, steadily declined, and reached an interim high at $ 0.4870.
The 2-hour chart indicates that the price has remained in a bearish zone and has recently fallen below the $ 0.4600 support and the 100 simple (2 hours) moving average, which is a negative short-term.
The price recently dropped to $ 0.4340 and stood at a low of $ 0.4349. Subsequently, the price started to rise upwards and moved above the Fib retracement level for 23.6% of the last decline, from $ 0.4870 to $ 0.4349 minimum.
However, the price is likely to face many hurdles close to $ 0.4600 and $ 0.4610 levels. The XRP / USD is also following a declining channel with resistance at $ 0.4610 on the same chart.
The resistance of the channel coincides with the retracement level of 50% Fibers of the last decline, from $ 0.4870 upwards to $ 0.4349 below. Furthermore, the simple moving average of 100 (2 hours) is positioned close to the channel resistance and $ 0.4600.
Therefore, if the price continues to recover, it may encounter strong resistance near the levels of $ 0.4600 and $ 0.4610. Above the channel resistance, the price could return to a positive zone for a run to the $ 0.5000 level.
On the other hand, if the ripple price fails to recover above the resistance levels of $ 0.400 and $ 0.4610, there may be more losses. The main downside support is close to the $ 0.4310 level, which was previously a resistance. Therefore, there is a high probability that buyers will take a solid position near the $ 0.4310 level to protect more losses in the near term.
Summary
Item name
Price analysis of undulations: crucial support for XRP / USD approach
Description
The price of the ripple started a new decline from the resistance of $ 0.4870 compared to the US dollar. The XRP / USD may continue to fall towards the $ 0.4310 key support.
Author
Latika Mehrotra
Publisher name
coingape.com
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