Right now, the price of XRP trades close to the resistance of $0.275 when compared to the USD. Because of that, the XRP price could go beneath $0.2620. Here is some crucial information about the current state of XRP on the cryptocurrency market:
- The price of XRP had begun an ascending correction when it traded to a whole new low of $0.258 against the currency of the USA, the US Dollar.
- The price of the most known currency on this market, Bitcoin is once again back to higher than $10000, but it faces some resistances close to the $10250 level.
- The XRP and the US Dollar will encounter some resistance close to the level of $0.275 and the 100 hourly SMA.
- The $0.267 resistance was breached recently on the hourly chart of the Ripple and the USD.
The Analysis Of XRP Price
Just about yesterday, there was a huge decline in the price of Ripple, when the price went beneath the levels of $0.28 and $0.27 when compared to the USD. Also, the price went below $0.27 and the 100 hourly SMA. Ultimately, the Ripple price has broken the support, which was $0.262 and traded to a low $0.2581 level. Nowadays, the XRP has established an upward correction, and it has traded between these two resistance levels; $0,265 and $0.262.
Besides, the price of XRP exceeded the 23.6% Fib retracement level of the most recent downhill from the high of $0.2919 to the low level of $0.2581. What’s even more important, is that yesterday’s declining channel with the $0.267 resistance has been breached on the hourly chart of Ripple and the USD. These two cryptocurrencies have ascended to the $0.27 level. On the other hand, they’ve come across a formidable resistance close to the level of $0.275.
Also, there was a 50% Fib retracement level of the most recent decline going from $0.2919 to $0.2581, which happen to act as a huge resistance at the time. Also, it seems that the 100 hourly SMA slows down the upward break above $0.275. In a situation where a triumphant close above the 100 hourly simple moving average and $0.275, happens, a rise could happen shortly.
Meanwhile, if the bulls resume suffering close to the $0.275 level, the price of the Ripple could go downwards in quick fashion. Today, the support is close to the level of $0.265. A downside break beneath the level of $0.265 could set the pace in the direction of additional losses to the $0.26 and $0.285 levels. If the price continues to go downhill, the Ripple price might go to a $0.25 level.
Right now, the XRP price is encountering a major resistance close to the 100 hourly SMA and the level of $0.275. Moreover, the bears could target a new decline beneath the level of $0.265 and $.026. A victorious close above the $0.275 level could assist the bulls in regaining their full strength.