Questioning the Comparison Levels of XRP and USD
May 16, 2018 12:35 pm
Analysing How Ripple Gains Support Level Against the US dollar
Currently, Ripple holds gains around $7200 above the support level against the US dollar. According to observations, there is a significant rise to support at $0.7300 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may rise in the coming term if buyers succeed in cracking the $0.7500 and $0.7580 resistance levels.
There was a no sizeable bearish move below $0.7000 during the past few hours in Ripple price against the US Dollar. The price stayed above the $0.7000 and $0.7100 support levels and is presently trading at a bullish angle. Earlier, there was a snag correction from the $0.7485 high. During the correction, the price cracked the 23.6% Fib retracement level of the last wave from the $0.6979 low to $0.7485 high.
However, declines were contained by the $0.7200 support. Buyers successfully protected more losses below the 50% Fib retracement level of the last wave from the $0.6979 low to $0.7485 high. At the moment, there is a pivotal ascending channel in place with support at $0.7300 on the hourly chart of the XRP/USD pair. The pair remains well supported on the downside above the $0.7250-0.7200 zone. On the upside, a break above the $0.7500 and $0.7580 resistances are required for an upside acceleration.
A keen observation on the chart indicates that the current price structure is calling for an upside break above $0.7580. On the flip side, if there is no upside break, the price could break the $0.7200 support to extend the correction. The next major support below $0.7200 is at $0.7000 and $0.6950.