Jun 10, 2019
108 Views
0 0

Ripple (XRP) Price Analysis: Recovery Likely To Remain Capped

Written by

  • Ripple price extended its decline below the $0.4000 support area against the US dollar.
  • The price even broke the $0.3800 support area and traded close to the $0.3660 level.
  • There is a major bearish trend line forming with resistance near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to struggle near $0.3950 or $0.4000 if it corrects higher from the current levels.

Ripple price is slowly recovering from lows against the US Dollar, similar to bitcoin. XRP might correct higher, but it won’t be easy for the bulls to clear the $0.3950 or $0.4000 level.

Ripple Price Analysis

There was a sharp decline from the $0.4110 swing high in ripple price against the US Dollar. The XRP/USD pair broke the key $0.4000 and $0.3950 support levels to move further into a bearish zone. There was also a close below $0.4000 and the 100 hourly simple moving average. Finally, there was a break below $0.3800 and the price traded close to the $0.3660 level. A swing low was formed at $0.3687 and the price is currently correcting higher.

READ IN FULL

Article Categories:
News · NewsBTC · Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *