Ripple Price Analysis: XRP/USD Price is Moving Towards Bears

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The third-ranked cryptocurrency, Ripple is trading in the bullish zone along with other currencies such as Bitcoin and Ethereum. The currency is doing great, but it is still under bearish correction currently.

Current Status of Ripple (XRP): Currently, the currency is trading at a value of $0.288669 and its value is decreasing by 2.07%. The market capitalization of the currency is $12,460,924,638 and the 24-hour volume of the currency is $1,884,199,918. The circulating supply of the currency is 43,166,787,298 XRP and the ROI is 4,814.49%.

Ripple Price Analysis: Yesterday after trading along with bulls for a few days and even for some time, the currency started trading in a correction figure and went near the support level of $0.2850. The currency was even traded around the value of $0.2783, but later the value increased by 4%. The increased value helps clear the hindrance close to the resistance levels of $0.2900 and $0.2920. Also, Ripple has close near the value of $0.2900 and the hourly SMA of 100h-days.

On the hourly chart of pair XRP/USD, the pair broke ahead a decreasing channel with the help of resistance close to the value of $0.2860. The pair even achieved the bullish movement overhead the resistance levels of $0.2950 and $0.3000. There is a new monthly high is created close to the value of $0.3040. However, the currency currently is in correction and is trading beneath the fib retracement level of 23.6% of the currency upwards movement from the low of $0.2783 to the high of $0.3040.

On the bearish part, the currency has also broken the immediate support level of $0.2940 and also broke the main support level of $0.2920. Also the fib retracement level of 50% of the current upward movement from the low of $0.2783 to $0.3040 and it is close to the support level of $0.2915. Currently, it is trading new the new main support of $0.2880 and hourly SMS of 100-day.

On the other hand the, on the upside the currency has immediate resistance near the value of $0.2920, and further, there is resistance near the value of $0.2950. If the currency is able to cross it then the next resistance levels are $0.3000 and $0.3020. The currency has close above the value of $0.3020 if it reaches near this value then it could possibly increase up to the values of $0.3040 and $0.3050 in the near period. Further these values the currency has strong resistance at the value of $0.3100.

Currently, the currency is under bearish correction but previously it was showing positive signs. But in the present situation, it is looking difficult, only if the currency is able to cross the value of $0.2920 and above then the bullish movement is possible. If the currency goes down below the $0.2880 value it could start afresh decline in the value.

The MACD is in the red zone and showing strength towards bearish correction and the RSI of the currency is also going below the 50 levels. The main support levels are $0.2880, $0.2750, and $0.2700. The main resistance levels are $0.2920, $0.2940, $0.3000.

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