Ripple Price Analysis: Will XRP/USD Break $0.50?
* Ripple cost failed to regain and extended its decrease towards the 0.50 degree against the US dollar.
* There’s a significant bearish tendency line forming resistance around $0.5300 about the hourly chart of this XRP/USD set (data origin from Kraken).
* The set has to break the 0.53 immunity and move higher to prevent more reductions in the long run.
* XRP/USD crashed and nearly analyzed the 0.50 support zone.
Ripple Price Analysis
There was no more significant upside move over the 0.5600 amount in Ripple cost against the US Dollar. The cost failed to regain and confronted sellers about $0.5600. Consequently, there was a downside move along with the cost traded under the 0.5500 and $0.5200 service amounts. It nearly exchanged near the $0.5000 amount and shaped a low round the 0.5035 level.
A low was shaped and the cost started an upside down correction over the $0.5100 level. On the other hand, the present upside movement is shielded from the $0.5300 resistance. There’s also a major bearish tendency line forming resistance near $0.5300 about the hourly chart of this XRP/USD pair. The set may increase in the long run over $0.5300, but it might face different hurdles. The 50% Fib retracement level of the previous fall from the $0.5990 swing high to $0.5035 reduced is sitting round the $0.5500 level to function as a barrier for buyers.
Taking a look at the graph, the purchase price could struggle to move above the $0.5500 level, which might bring about a drawback push. From the mentioned scenario, there’s a probability of a bearish break below the $0.5000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.5500
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