Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength?
Ripple price started a downside correction after rallying towards $0.4630 against the US dollar.
The price declined sharply and broke the $0.4400 and $0.4300 support levels.
This week’s followed bullish trend line was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently holding the $0.4200 support level and is trading near a key resistance area.
May 2020 Will See Bitcoin Become Major Competitor to World Currencies: Economist
Thursday January 23, 2020
Over the past decades, central banks like the Federal Reserve have failed to keep inflation rates stable. Bitcoin may benefit from this trend. After the cryptocurrency’s upcoming halving, after which the coin will have...
The post May 2020 Will See Bitcoin Become Major Competitor to World Currencies: Economist appeared first on 12bitplay - Bitcoin Play.
Ripple price is currently struggling to hold gains against the US Dollar and bitcoin. XRP is likely to climb higher again as long as the $0.4200 support area is intact in the near term.
Ripple Price Analysis
Yesterday, we saw a sharp rise in ripple price above the $0.4400 resistance against the US Dollar. The XRP/USD pair even broke the $0.4500 resistance and rallied above $0.4600. Finally, a new weekly high was formed near $0.4631 and the price recently started a downside correction. There was a break below the $0.4500 and $0.4400 support levels. Moreover, the price traded below the $0.4300 level and the 100 hourly simple moving average.
The price tested the $0.4200 support level and formed a low at $0.4171. It is currently correcting higher above the $0.4250 level. Moreover, it is testing the 23.6% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low. Besides, there is a connecting bearish trend line forming with resistance at $0.4300 on the hourly chart of the XRP/USD pair.
If the pair surpassed the trend line and $0.4300, there could be a fresh increase. The next key resistance is near the $0.4400 level. Furthermore, the 50% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low is also near $0.4400.
Conversely, if the price fails to climb above $0.4300, it could decline once again. An immediate support is near the $0.4200 level, below which the price could test the $0.4100 support. The main support is near the $0.4000 level, below which the price is likely to move back in a bearish zone.
XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here’s How
Sunday January 26, 2020
This week, Brad Garlinghouse — chief executive of Ripple Labs in San Francisco — made a massive announcement at a Wall Street Journal event in Davos, Switzerland at the World Economic Forum. The industry...
The post XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here’s How appeared first on 12bitplay - Bitcoin Play.
Looking at the chart, ripple price is clearly struggling to hold gains above $0.4200. It must climb above $0.4300 and $0.4320 to avoid any further losses. To start a fresh rally, the price must surpass the $0.4400 barrier. On the other hand, if the price fails to stay above $0.4200 or $0.4100, there are chances of an extended decline.
Hourly MACD – The MACD for XRP/USD is likely to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher, but it is still below 50.
Major Support Levels – $0.4200, $0.4100 and $0.4000.
Major Resistance Levels – $0.4300, $0.4320 and $0.4400.
The post Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength? appeared first on NewsBTC.
Bitcoin Price Rejected Back Below $9000, Is a Retest Of Lows Up Next?
Tuesday January 28, 2020
Bitcoin price has been on an absolute tear in 2020, growing 28% in value since the clock turned past midnight and into the new year. But the latest rally is now in jeopardy after...
The post Bitcoin Price Rejected Back Below $9000, Is a Retest Of Lows Up Next? appeared first on 12bitplay - Bitcoin Play.