Ripple (XRP) Price Approaching Key Supports: Can Bulls Regain Strength?

Ripple price started a downside correction after rallying towards $0.4630 against the US dollar.
 The price declined sharply and broke the $0.4400 and $0.4300 support levels.
 This week’s followed bullish trend line was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).
 The pair is currently holding the $0.4200 support level and is trading near a key resistance area. Ripple price is currently struggling to hold gains against the US Dollar and bitcoin.
 XRP is likely to climb higher again as long as the $0.4200 support area is intact in the near term. Ripple Price Analysis Yesterday, we saw a sharp rise in ripple price above the $0.4400 resistance against the US Dollar.




 The XRP/USD pair even broke the $0.4500 resistance and rallied above $0.4600.
 Finally, a new weekly high was formed near $0.4631 and the price recently started a downside correction.
 There was a break below the $0.4500 and $0.4400 support levels.
 Moreover, the price traded below the $0.4300 level and the 100 hourly simple moving average.
 The price tested the $0.4200 support level and formed a low at $0.4171.
 It is currently correcting higher above the $0.4250 level. Moreover, it is testing the 23.6% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low.




 Besides, there is a connecting bearish trend line forming with resistance at $0.4300 on the hourly chart of the XRP/USD pair.
 If the pair surpassed the trend line and $0.4300, there could be a fresh increase.
 The next key resistance is near the $0.4400 level. Furthermore, the 50% Fib retracement level of the recent decline from the $0.4631 high to $0.4171 low is also near $0.4400.
 Conversely, if the price fails to climb above $0.4300, it could decline once again.
 An immediate support is near the $0.4200 level, below which the price could test the $0.4100 support.
 The main support is near the $0.4000 level, below which the price is likely to move back in a bearish zone.



Looking at the chart, ripple price is clearly struggling to hold gains above $0.4200.
 It must climb above $0.4300 and $0.4320 to avoid any further losses.
 To start a fresh rally, the price must surpass the $0.4400 barrier.
 On the other hand, if the price fails to stay above $0.4200 or $0.4100, there are chances of an extended decline.


Read the full topic at
https://www.newsbtc.com/2019/06/19/ripple-xrp-price-approaching-key-supports-can-bulls-regain-strength/
Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20

IF you be an admin for your telegram group you can order from the link

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of its kind in the
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused b
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge toward the $40K zone.
Read more