Ripple's XRP failed to break through the key resistance of $ 0.3080 and fell sharply against the U.S. dollar.
We had witnessed a decent recovery wave, with resistance above $ 0.2800. The XRP price even surpassed the resistance of $ 0.2950 and the simple moving average of 100 hours.
In addition, there was a break above the level of Fibonacci retracement 23.6% from the downward movement from $ 0.3470 to $ 0.2675. However, the upward movement was capped by the key resistance levels of $ 0.3070 and $ 0.3080.
In addition, the Fibonacci retracement level of 50% from the drop from $ 0.3470 to $ 0.2675 was a significant obstacle for the bulls. As a result, the price of XRP began to depreciate sharply below the support zone of $ 0.2900.
During the downside, there was a breakout with support close to $ 0.2920 on the hourly chart of the XRP / USD pair. This opened the door to further losses below the $ 0.2850 support and the 100-hour simple moving average.
The price has dropped more than 5% and is trading near the level of $ 0.2750. On the downside, the first key support is close to the levels of $ 0.2700 and $ 0.2680. The main level of support is located near the $ 0.2500 zone, where bulls are likely to take a stand. Any further loss could tip the price towards the support zone by $ 0.2200.
If Ripple stays above the $ 0.2680 support zone, he could trigger another wave of recovery. An initial resistance is close to the resistance of $ 0.2900 and the moving average single 100 hour.
To initiate a convincing rise, the price must hang above the resistance levels of $ 0.3000 and $ 0.3080. Otherwise, there is a risk of falling towards the support zone of $ 0.2500 in the short term.
Tutorial: Buy Ripple XRP
Mining on RTX 3070. Overclocking, tuning, profitability, consumption: If you are interested in finding more…
Mining with GTX 1660, 1660 Ti, 1660 Super. Overclocking, settings, consumption, profitability, comparisons - If…
Mining with RTX 2070 and 2070 Super. Overclocking, profitability, consumption, comparison What the RTX 2070…
Mining with RTX 3060, 3060 Ti. Limitations, overclocking, settings, consumption, profitability, comparison Let's look at…
Alphacool Eisblock Aurora Acryl GPX-A (2022) with Sapphire Radeon RX 6950 XT Nitro+ Pure in…
In the ever-evolving landscape of business strategy, Bitcoin has emerged as a pivotal asset. With…
This website uses cookies.