Ripple price surges as Bitcoin continues to recover

Credit: Pixabay

After going past the $13,000 mark, Bitcoin started to drop, and it also failed to hold the $12,000 resistance and went as low as $10,796. And because of the recent drop, bitcoin also influenced Ripple (XRP), which also failed to hold onto $0.4070 resistance for the US dollar. Even till earlier today, XRP had only reached $ 0.4065 mark and started to decline again. But that has changed all of a sudden now during the second half of the day.

The simple moving average is $0.3950 that was experienced due to a break below this critical point earlier today, which was the support level. The decline happened because the price was tested at the support area $0.3840 – though the price is now above this support area and can regain itself shortly.

How Ripple (XRP) stands now?

At first level, the resistance is close to $0.3900 and at 23.6 percent Fibonacci retracement level for any drop from $0.4065 to $0.3837. Let’s not forget, as the day started, the vital drop channel framing with resistance at $0.3930 for an hour recorded with Ripple and US dollar in the chart. Ripple’s XRP picked some serious steam in the last couple of hours, and the coin now trades at $0.404986 (in green numbers by 5.46%).

Source: CoinMarketCap.com

Excluding the channel resistance, the other vital resistance is at $0.3950, which is in par with 50 percent Fibonacci retracement level for the current rise from $0.38251 to $0.404986. If there is any break above $0.4250, then we could see a sudden surge towards $0.4570. But if Ripple’s price doesn’t rise above $0.4920/0.4950, then there are some chances it could drop further below even to its current level.

Further breakdown and analysis

Moreover, if there are any breaks below $0.3820 in the near future, the prices could drop even more profoundly, with the next massive support at $0.3850, at $0.3790 the losses could be even more fatal. After studying the current charts, Ripple coin price is above the critical support level of $0.3840.

However, unluckily if the defense isn’t strong enough, then there could be a withering drop below $0.3800 in the future. The Moving Average Convergence Divergence for  XRP/USD an hour is reaching a decent pace at the bullish zone, with Relative Strength Index raising decently and above 40. With that being said, the Major Support Levels are $0.3750, $0.3820, and $0.3840, while significant resistance levels are $0.4200, $0.4150, and $0.4120.

Conclusion

  • Ripple’s XRP once again climbs up after dropping against the US dollar by failing to hold the $0.4070 resistance mark.
  • Vital growth channel with resistance at $0.3920 on the XRP and USD chart, with hourly mark.
  • XRP is at the risk of dropping below $0.3840 the support area if bitcoin fails to hold onto its current recovery.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Giridhara Raam: Giridhara Raam is a cybersecurity evangelist, with in-depth knowledge in data protection, ransomware prevention, cryptojacking, artificial intelligence, machine learning, and blockchain. Raam now enjoys crypto writing than anything else.