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The decline in corrugation prices remained close to $ 0.3050-0.3100 compared to the US dollar. The XRP / USD shows positive signs and could exceed $ 0.3350 and $ 0.3400.
Key discussion points
· The price of the ripple is traded above the support levels $ 0.3050 and $ 0.3090 against the US dollar. [19659005] · C & # 39 was an interruption below a bullish trend line with support of $ 0.3360 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp) .
· [19659004] Trading of XRP prices with bullish movements exceeding $ 0.3000 and 100 SMA (2 hours).
Forecast of undulating prices
After a reasonable rise above the level of $ 0.3600, the price of Ripple faced sellers close to the level of $ 0.3700 compared to the US dollar. The XRP / USD pair formed a short-term high near the $ 0.3735 level and then started a bearish move.
Looking at the chart the price fell below $ 0.3450 level and settled below $ 0.3500. There was also a break below the 38.2% Fib retracement level of the last wave from $ 0.2452 down to $ 0.3739 up.
In addition, there was a rupture under a bullish trend line with support of $ 0.3360 on the 2-hour chart of the XRP / USD pair. The pair tested the support levels $ 0.3050 and $ 0.3090, which acted as a solid buying zone. Even the 50% fiber retracement level of the last wave from $ 0.2452 down to $ 0.3739 is a decent support.
In addition, the 100 SMA (2 hours) serves as a rotation zone and could act as a catalyst for an upward move above the levels of $ 0.3400 and $ 0.3500.
If there was a break below support levels $ 0.3090 and $ 0.3050, there could be more losses in the short term. The next major support is $ 0.2900, below which the price may perhaps fluctuate to the $ 0.2800 level.
On the upside, the $ 0.3400 level is an initial resistance, beyond which the price could test the $ 0.3500 level. Overall, the market sentiment is bullish above the $ 0.3090 level, which will most likely shift the ripple price to the $ 0.3500 level in the short term.
Market data is provided by TradingView.
