Ripple Mid Week Analysis - XRP Begins Fresh Decrease
Table of contents
Ripple Price Analysis
The past few days have seen Ripple achieve a decent upward correction above the $0.2200 resistance against the United States Dollar.
In fact, the third-largest coin by market cap traded above the $0.2280 and $0.2250 resistance levels.
Furthermore, breaking beyond the $0.2300 resistance as well as the 100 hourly simple moving average. The price, however, struggled to gain more strength above the major $0.2320 resistance area.
On the other hand, a high has formed around the $0.2324. A price point that has gained traction before setting off into a fresh decline below the $0.2300. Additionally, there has also been a break below the 23.6% Fibonacci retracement level of the upward price correction from the $0.2098 low to $0.2324 high.
Ripple also breached its near term support of $0.2280 yesterday on the hourly XRP/USD pair trading chart. Besides, the pair settled around the $0.2260 and the 100 hourly simple moving
Ripple is now trading below the $0.2240 and approaching the 50% Fib retracement level of the upward move from the $0.2098 low to $0.2324 high. It seems like the $0.2210 and $0.2200 levels are decent supports.
Fib Retracement Level
During press time, Ripple is trading below the $0.2240 and approaching the 50% Fibonacci retracement level of the recent price increase from the $0.2098 low to $0.2324 high. Hence, it seems likely that the $02210 and $0.2200 could make decent supports.
In case the price fails to stay afloat beyond the $0.2200 support, a continued movement towards the $0.2140 level could be on the cards. However, an intermediate support is closely taking shape near the 61.8% Fibonacci retracement level of the recent upward correction to the $0.2324 high from $0.2098 low.
The previous support around the $0.2240 could also act as a key resistance on the upside. Meanwhile, the first key resistance is somewhere around $0.2260 and the 100 hourly simple moving average. Hence, the price should first move beyond both decent supports, to make it possible for a revisit towards the key $0.2320 resistance area.