Ripple (XRP) Price Showing Signs of Weakness But Likely To Bounce Back

Ripple price failed to stay above the $0.4450 pivot level and declined below $0.4200 against the US dollar.
The price is currently under pressure and it could test the $0.3740 or $0.3400 support.
This week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
There are several supports on the downside near $0.3800, $0.3740 and $0.3720.

Crypto Market Crash: This Technical Structure Puts End to Uptrend
Monday February 17, 2020

Although the crypto market has been surging since the start of 2020, the Bitcoin and altcoins may be experiencing the early stages of the year’s first major correction. The technical structure of the recent,...

The post Crypto Market Crash: This Technical Structure Puts End to Uptrend appeared first on 12bitplay - Bitcoin Play.

Ripple price trimmed most its recent gains against the US Dollar and bitcoin. XRP is currently below the $0.4200 support, but it is likely to find a strong support near $0.3740.
Ripple Price Analysis
This week, we saw a strong rise in ripple price above the $0.4000 and $0.4200 resistances against the US Dollar. The XRP/USD pair even broke the $0.4450 pivot level and traded to a new 2019 high at $0.4802. Later, there was a sharp downside correction from the $0.3802 high. The price traded below the $0.4450 pivot level to start a major downward move. It traded below the $0.4400 and $0.4200 support levels to move into a bearish zone.
More importantly, this week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4000 support and tested the $0.3740 support area. A swing low was formed at $0.3745 and the price recently bounced back. It rebounded above $0.4200 and the 50% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. However, the previous support near the $0.4450 level acted as a strong resistance.
Besides, the price failed near the 61.8% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. The price is currently moving lower and trading below $0.4000. An immediate support is near the $0.3950 level and the 100 hourly simple moving average. The main support is near the $0.3740 level, where the bulls are likely to protect additional losses. Below $0.3740, the price might decline towards the $0.3400 pivot level.

Ethereum Short Positions Skyrocket, Providing Fuel for the Next Parabolic Surge
Wednesday February 19, 2020

Ethereum’s intense uptrend seen throughout the month of February has stalled after the crypto faced a firm rejection at $290, which subsequently sparked a retrace that led ETH down to lows of $240, where...

The post Ethereum Short Positions Skyrocket, Providing Fuel for the Next Parabolic Surge appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, ripple price is clearly under pressure below the $0.4200 support level. There are chances that the price could revisit $0.3740 before starting a fresh increase. On the upside, an initial resistance is at $0.4200. The main hurdle is near the $0.4450, above which the price is likely to surge above the $0.4802 swing high.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a bearish angle.
Major Support Levels – $0.3950, $0.3740 and $0.3400.
Major Resistance Levels – $0.4200, $0.4450 and $0.4800.
The post Ripple (XRP) Price Showing Signs of Weakness But Likely To Bounce Back appeared first on NewsBTC.

Ethereum Tumbles 8%: Here’s Key Support Turned Resistance For The Bulls
Monday February 17, 2020

Ethereum started a sharp decline below the $265 and $260 support levels against the US Dollar. ETH even tumbled below $250 and it is currently correcting losses. Ethereum is down more than 8% and...

The post Ethereum Tumbles 8%: Here’s Key Support Turned Resistance For The Bulls appeared first on 12bitplay - Bitcoin Play.

You may also like...