Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165
[NEWS BLOG]: Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165
Ripple Price Facing Hurdles
Yesterday, we saw more losses in ripple below the $0.1850 level. XRP price traded to a new monthly low at $0.1812 and it is currently correcting higher.
There was a decent support base forming above the $0.1820 and $0.1840 levels. The price is now trading above the $0.1850 level, plus the 23.6% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low.
However, ripple price is now facing a strong resistance near the $0.1890 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low is also acting as a major hurdle for the bulls.
More importantly, there is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The pair is likely to struggle near the $0.1890 and $0.1900 levels in the near term.
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Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles
"Ripple Price Holding $0.2800"
In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.
A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.
Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to - read more.
Has The Crypto Market Bottomed After Bitcoin’s 50% Collapse?
Cryptocurrency analyst Thies recently drew attention to a clear sign that the bottom in the cryptocurrency market is finally here. He noted that according to TradingView’s Total2 trading pair (all digital assets sans Bitcoin), “last week alone showed the highest buying volume for the altcoin markets ever recorded.”
While some say that this data masks reality in part, there is no doubt there has been a lot of buying pressure in the cryptocurrency markets as of the past week, hence the absolute explosion in the price of Ethereum Classic, Bitcoin Satoshi’s Vision, and many, many others.
Bitcoin Preparing to Burst Higher
So, is the - read more.