13.5 C
Manchester
October 4, 2022
Image default
Altcoin

XRP tests crucial support that can lead you to crash

Ripple is struggling to stay above the $ 0.2600 key support against the US dollar. The price of XRP could fall if there is a close below $ 0.2600 and $ 0.2550.

  • Ripple is showing some signs of bearishness below resistance levels of $ 0.2750 and $ 0.2800 against the US dollar.
  • The price is testing the $ 0.2600 support and is well below the simple moving average of 100 (4 hours).
  • There is a low key trend line forming with resistance near $ 0.2720 on the 4-hour chart of the XRP / USD pair (Kraken data source).
  • The pair may rise above $ 0.2750 or slide into the $ 0.2150 support.

Ripple’s XRP price is struggling to recover

After struggling to eliminate the $ 0.3120 resistance, the XRP price started a further decline. The price fell sharply below the level of $ 0.2800 support and went up to $ 0.2600.

A low was formed near $ 0.2390, before the price started a bullish correction. There was a break above the levels of $ 0.2500 and $ 0.2550. The price has risen above the 23.6% Fib retracement level of the downward movement from $ 0.3306 high to $ 0.2390 bearish.

However, the price appears to be facing resistance near the $ 0.2850 level. There is also a bearish trend line forming with resistance near $ 0.2720 on the 4-hour chart of the XRP / USD pair.

The trend line is close to the 50% Fib retracement level of the downward movement from the $ 0.3306 high oscillating to the $ 0.2390 minimum. XRP is now testing $ 0.2600 support and is well below the simple moving average of 100 (4 hours).

If there is a bearish break below the $ 0.2600 support level, bears are likely to gain strength. In the case indicated, there is a risk of a sharp drop to the levels of $ 0.2400 and $ 0.2350. The price may even revisit the $ 0.2150 level in the short term.

New increase in XRP?

If the swell remains above the $ 0.2600 support zone, there is a chance of a further increase. The first key resistance is close to the trend line at $ 0.2750. The next big resistance is close to the $ 0.2800 and 100 SMA (H4) level.

A successful close above the $ 0.2800 level could open the door to an increase towards the $ 0.3000 and $ 0.3120 levels.

Technical Indicators:

4-hour MACD – The MACD for XRP / USD is showing negative signs in the bearish zone.

4 hour RSI (Relative Strength Index) – The RSI for XRP / USD is well below the 50 level.

Key support levels – $ 0.2600, $ 0.2450, and $ 0.2150.

Main resistance levels – $ 0.2750, $ 0.2800 and $ 0.35000.

Source: NewsBTC

Related posts

XRP drops to $ 0.23, buyers coming in

Anupreet Kaur

English Premier League team presents Dogecoin for season 2021-22

Anupreet Kaur

Zcash has just gone through the first halving in its history

Anupreet Kaur

Leave a Comment