Analysis Technical

Ripple Price Analysis: XRP Buyers To Defend Key $0.3000 Support?

Aayush Jindal | March 12, 2019 | 5:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP Buyers To Defend Key $0.3000 Support?

Aayush Jindal | March 12, 2019 | 5:00 am
  • Ripple price failed to recover and extended losses below the $0.3100 support against the US dollar.
  • The price settled below the $0.3100 support and the 100 hourly simple moving average.
  • Yesterday’s major contracting triangle was breached with support at $0.3095 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline towards the $0.3000 support where buyers are likely to emerge.

Ripple price is grinding lower towards key supports against the US Dollar and bitcoin. XRP/USD is likely to find a strong buying interest near the $0.3000 support level in the near term.

Ripple Price Analysis

After ripple price failed to break the $0.3160 resistance, it started a fresh decline against the US Dollar. The XRP/USD pair declined and broke the $0.3120 and $0.3100 support levels. There was even a close below the $0.3100 support and the 100 hourly simple moving average. Later, the price found support near the $0.3070 level and recovered above $0.3100. However, the $0.3140 level acted as a resistance and the price moved lower once again. It broke the 76.4% Fib retracement level of the last wave from the $0.3076 low to $0.3158 high.

Moreover, yesterday’s major contracting triangle was breached with support at $0.3095 on the hourly chart of the XRP/USD pair. The pair even broke the $0.3076 swing low and the $0.3070 support level. At the moment, the price is trading near the 1.236 Fib extension level of the last wave from the $0.3076 low to $0.3158 high. Therefore, there is a risk of more losses below the $0.3050 support level.

On the upside, the previous supports at $0.3075 and $0.3100 are likely to act as resistances. Besides, the 100 hourly SMA is also near the $0.3100 level to prevent gains. If there is a successful close above the $0.3100 resistance, the price could recover towards the $0.3140 resistance. On the downside, the next support is at $0.3025. It represents the 1.618 Fib extension level of the last wave from the $0.3076 low to $0.3158 high. The main support is at $0.3000, where buyers are likely to take a stand in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading in a bearish zone below the $0.3100 resistance. There is a clear risk of more losses below $0.3050. Having said that, the $0.3025 or $0.3000 support is likely to act as a strong buy zone in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined heavily below 40 and it is approaching 30.

Major Support Levels – $0.3040, $0.3025 and $0.3000.

Major Resistance Levels – $0.3075, $0.3095 and $0.3100.

Tags: ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.