Ripple (XRP) Price Hits the Support Level- Moving Gradually Towards Its Nadir

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Today’s morning hours saw an increase in selling for bitcoins, ripple, and ethereum against the US dollar. On the other side, XRP price could not manage to hold its $0.2880 and $0.2850 level as a consequence a bearish break was invited which was below the $0.2850 support area. On the tip of that, there was a close below the $0.2850 support.

The key bullish trend line, this week, was breached with support near $0.2855 is intact on the hourly chart of XRP/USP pair. The nadir was seen when the pair traded as low as $0.2782 when it moved below $0.2800. Surprisingly a slow upward movement was also visible above the $0.2800 level. Also the recent drop from $0.2992 to $0.2782 created a break above the 23.6% Fib retracement level.

The best part for XRP is that its support level $0.2850 is acting as resistance but the 100 hourly SMA is not allowing the recovery above $0.2860 level. The need of the hour is an upside break above $0.2860 and $0.2880 for ripple to move up. If we move towards the downside, analysts believe that if the price fails to retain its $0.2800 support level, it is likely to see a rapid downfall crossing even $0.2780 level. If it happens then the next base will be close to $0.2750 which would be major support below which would become easier for the price to trade towards the $0.2720 level.

The chart vividly shows the highly fluctuating time for ripple which is focusing on the downside and shows how ripple price is struggling to somehow overcome the $0.2850 level. The price may restart its continuous decline if the bulls face resistance close to $0.2860 and $0.2850.

The hourly Relative Strength Index for XRP/USD is presently close to 40 level with major support levels – $0.2800,$0.2780 and $0.2750 and the major resistance levels- $0.2850,$0.2860 and $0.2920.

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