Ripple Price Analysis: XRP At Risk In Short Term Before Fresh Increase

[MUGNIA]

Yesterday, we discussed the importance of the $0.3200 resistance for ripple price against the US Dollar. The XRP/USD pair made a couple of attempts to clear the $0.3200 barrier, but it failed. Finally, there was a downside reaction and the price declined below the $0.3160 support. It traded below the 50% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. Furthermore, there was also a close below the $0.3160 support and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bullish trend line was breached with support at $0.3150 on the hourly chart of the XRP/USD pair. The pair tested the next key support near $0.3110 and the 61.8% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. It is currently consolidating losses below $0.3150 and the 100 hourly SMA.

On the downside, an immediate support is near the $0.3110 level, below which the price is likely to slide towards $0.3080. An intermediate support is near $0.3094 and the 76.4% Fib retracement level of the last wave from the $0.3060 low to $0.3201 high. The main support on the downside is near the $0.3060 level, where buyers are likely to appear. On the upside, a convincing break above the $0.3160 level and the 100 hourly SMA may reduce the current bearish pressure.



Looking at the chart, ripple price is slowly moving into a bearish zone below $0.3160. However, the current wave can still be considered as a correction as long as the price stays above the $0.3060 support. On the upside, the main hurdle for buyers is near the $0.3200 level. A clear break above the $0.3200 barrier is must for upside continuation.

Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently from 40 and tested the 50 level.

Major Support Levels – $0.3110, $0.3080 and $0.3060
Major Resistance Levels – $0.3160, $0.3180 and $0.3200.

source: https://www.newsbtc.com/2019/03/19/ripple-price-analysis-xrp-at-risk-in-short-term-before-fresh-increase/