Market Overview

XRP/USD To Continue Staying Above $0.35 Support

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  • The confluence detector tool shows XRP/USD is strongly supported $0.3549.
  • XRP/USD is poised for further correction to the upside with the target set at $0.3700.

XRP/USD is still supported by the trendline despite the correction from the highs around $0.3800. The support at $0.3600 failed to prevent declines that slipped slightly below the 50 SMA 4-hour before find balance at $0.3500. A correction is ongoing at $0.3561, although $0.3600 limiting gains.

The confluence detector tool shows that XRP/USD is strongly supported $0.3549. The area is highlighting several indicators such as the 38.2% Fib level daily, 38.2% Fib level weekly, 200 SMA 1-hour, 10 SMA 4-hour, Bollinger Band 1-hour middle, 50 SMA 15-minutes, the 23.6% daily, 50 SMA 4-hour, previous low 4-hour, Fibonacci 161.8% 1-minute and the 5 SMA 4-hour.

It is essential that the price stays above this zone to avoid declines that could test $0.3327 for lack strong support levels. Extended declines will find support at $0.3252 and the primary support area at $0.2800 - $0.3000.

On the upside, initial resistance lies at $0.3587: Bollinger Band 4-hour middle, pivot point 1-day R1, SMA 100 1-hour, previous low 1-hour, SMA 10 15’, previous high 15’ and Bollinger Band 15’ middle and the SMA 5 15’. If Ripple steps above this level, the path to $0.3700 is relative smooth without significant hurdles. However, the next resistance target is observed at $0.3735: Pivot Point 1-mont R3 and Bollinger Band daily upper.

Prediction: Ripple is likely to stay above $0.3500 in the coming sessions. It is poised for further correction to the upside with the target set at $0.3700 and eventually $0.4000 (in the medium-term).

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Posted-In: crypto market FXStreet rippleCryptocurrency News Forex Markets General

 

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