Ripple (XRP) Rally Remains Attractive To The Bears If Price Surges To $0.31

Yesterday, we saw a strong decline in from well above the $0.3200 and $0.3000 levels. even settled below the $0.3000 pivot level and the 100 hourly simple moving average.

Finally, the broke the $0.2800 support area and traded close to the $0.2650 support. A swing low is formed near $0.2677 and the is currently recovering. It surpassed the $0.2750 and $0.2800 resistance levels to start a decent recovery.

Furthermore, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3469 high to $0.2677 low. More importantly, yesterday’s two connecting bearish trend lines were breached with resistance near $0.2865 on the hourly chart of the XRP/USD pair.

Ripple price is now trading above the $0.2900 level. However, there are many hurdles waiting on the upside, starting with $0.3000. The next resistance is near the $0.3070 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the downward move from the $0.3469 high to $0.2677 low is near the $0.3070 level. Therefore, the are likely to put up a solid fight if the price climbs towards $0.3050 and $0.3070.

If the bulls are able to clear the $0.3070 and $0.3100 resistance levels, there could be a strong rise towards the $0.3400 and $0.3500 resistance levels.

Fresh Decline?

In the short term, there could be corrective moves above the $0.2900 and $0.2920 levels. Later, if the price fails to gain strength above $0.3000, it is likely to resume its decline.

An initial support is near the $0.2800 area. The main support for ripple is near the $0.2650 level, below which the price could decline heavily towards $0.2500 or $0.2450 in the near term.

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