A return above 0.30 remains to be the XRP bulls’ short-term goal
Ripple price remained depressed over the weekend despite other cryptos posting minor gains. This morning the crypto asset declined with 1.48%.
On Sunday, the major support at $0.25 was tested. Right now Ripple is in the middle of a correction to the short term support at $0.26.
For the day ahead, a move through to $0.2640 levels would support a run at the first major resistance level at 0.2680. There is located the 50 Simple Moving Average on the 4-hour chart. Apart from the 50-day SMA, XRP will need deal with more resistances at the 100-day SMA on the H4 chart currently at $0.28, followed by $ 0.2830 (23,6% Fibo retracement since May's decline), $0.29 and psychological $0.30.
Meanwhile, we have formation of a falling wedge pattern, which is a key indicator for a rally at the end of the year. Ripple could easily approach $0.35 and trade towards $0.50 before December 31. But for now, a return above $0.30 remains to be the bulls’ short term goal.
On the downward direction, a clear break bellow today's low at 0.2670 could extend the bearish pressure for retesting to the key 0.25 support.
On Sunday, the major support at $0.25 was tested. Right now Ripple is in the middle of a correction to the short term support at $0.26.
For the day ahead, a move through to $0.2640 levels would support a run at the first major resistance level at 0.2680. There is located the 50 Simple Moving Average on the 4-hour chart. Apart from the 50-day SMA, XRP will need deal with more resistances at the 100-day SMA on the H4 chart currently at $0.28, followed by $ 0.2830 (23,6% Fibo retracement since May's decline), $0.29 and psychological $0.30.
Meanwhile, we have formation of a falling wedge pattern, which is a key indicator for a rally at the end of the year. Ripple could easily approach $0.35 and trade towards $0.50 before December 31. But for now, a return above $0.30 remains to be the bulls’ short term goal.
On the downward direction, a clear break bellow today's low at 0.2670 could extend the bearish pressure for retesting to the key 0.25 support.
Comment:
Bearish scenario took place on the chart and XRP broke bellow S 0.20, as you can see
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