- XRP is trading closer to $0.3000 following a 2.11% rise in value on Friday.
- Ripple must rebound above $0.3000 in order to make any significant corrections to the upside.
XRP/USD slashed a huge chunk of its value in this week’s trading following two consecutive selloffs. From opening the trading on Monday at $0.3223 Ripple has tested lows around $0.2829. The drop on Wednesday started after the price slipped below the 50 SMA and the 100 SMA 1-hour. The bears increased their grip on the price sending XRP below $0.3000 but the buyers defended the support at $0.2900 allowing XRP to form a short-term low at $2934.
The upside correction that occurred from the support stepped above $0.3000 but lost steam at the 50 SMA leading to a reversal below $0.3100. Towards the close of the session on Thursday, investors on the market reacted to news involving Bitfinex and Tether (USDT). Ripple, alongside other cryptocurrencies, broke down again with XRP exploring the levels below $0.2900 before forming a low at $0.2824.
At press time, XRP is trading closer to $0.3000 following a 2.11% rise in value on Friday. Marginally above the current price at $0.2943, the first hurdle sits at $0.2966. The confluence at this level is the Bollinger Band 1-day lower, previous high 15-minutes, previous high 4-hour, Bollinger Band 15′ upper, 100 SMA 15′, the 23.6% 1-minute and the 10 SMA 4-hour.
It is clear that Ripple must rebound above $0.3000 in order to make any significant corrections to the upside. Besides, further movement up will face more resistance at $0.3089 highlighted previous high 1-day. The third resistance is $0.3151, other hurdles will limit gains at $0.3304 and $0.3335.
Slightly below the current price, the first support is $0.2936 with the 38.2% Fib level daily, 50 SMA 15′, 10 SMA 1-hour, previous low 1-hour, previous low 4-hour, Bollinger Band 15′ lower and the 161.8% Fib level are making the confluence at this level. In case the price dips further down, the strongest support for XRP/USD pair is $0.2690.
Share
