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Ripple (XRP) Price Hits the Support Level- Moving Gradually Towards Its Nadir

Today’s morning hours saw an increase in selling for bitcoins, Ripple, and ethereum against the US dollar. On the other side, XRP price could not manage to hold its $0.2880 and $0.2850 level as a consequence a bearish break was invited which was below the $0.2850 support area. On the tip of that, there was a close below the $0.2850 support.

The key bullish trend line, this week, was breached with support near $0.2855 is intact on the hourly chart of XRP/USP pair. The nadir was seen when the pair traded as low as $0.2782 when it moved below $0.2800. Surprisingly a slow upward movement was also visible above the $0.2800 level. Also the recent drop from $0.2992 to $0.2782 created a break above the 23.6% Fib retracement level.

The best part for XRP is that its support level $0.2850 is acting as resistance but the 100 hourly SMA is not allowing the recovery above $0.2860 level. The need of the hour is an upside break above $0.2860 and $0.2880 for ripple to move up. If we move towards the downside, analysts believe that if the price fails to retain its $0.2800 support level, it is likely to see a rapid downfall crossing even $0.2780 level. If it happens then the next base will be close to $0.2750 which would be major support below which would become easier for the price to trade towards the $0.2720 level.

The chart vividly shows the highly fluctuating time for ripple which is focusing on the downside and shows how ripple price is struggling to somehow overcome the $0.2850 level. The price may restart its continuous decline if the bulls face resistance close to $0.2860 and $0.2850.

The hourly Relative Strength Index for XRP/USD is presently close to 40 level with major support levels – $0.2800,$0.2780 and $0.2750 and the major resistance levels- $0.2850,$0.2860 and $0.2920.

This post first appeared on Coin Market, please read the originial post: here

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Ripple (XRP) Price Hits the Support Level- Moving Gradually Towards Its Nadir


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