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.
Not
Bearish scenario took place on the chart and XRP broke bellow S 0.20, as you can see
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