Ripple market update: XRP bulls keep $0.4000, but lack follow-through


  • Saturday’s early sell-off appears to have stalled, but a dead cat bounce?
  • Bulls run into 50.0% Fib level of the latest decline on hourly chart.

Not so long ago the crypto space felt the weekend love receding, the bulls jumped in for rescue that prompted a recovery in the Ripple (XRP/USD) in tandem with its rival coins. The latest sell-off from near $0.4243 levels found buyers just ahead of the $0.4000 level.

Over the last hours, the price attempted a tepid recovery only to fizzle out near 0.4120 region, where the 50% Fibonacci retracement of the latest decline and the 21-hour Simple Moving Average (SMA) act as a major resistance zone. The sellers are seen taking back charge, as the coin drops below the 38.2% level, on its way to test the 23.6% Fib placed at 0.4058. A break below the last will confirm the latest bounce a dead cat one and expose the 0.4000 handle once again.

Only a break above the mentioned resistance area near 0.4120 will power the bulls once again to resume the upside momentum towards the 0.4250 barrier. Other technical indicators, as observed on the hourly sticks, such as Relative Strength Index (RSI) trades flatlined at the 50 mark, suggesting that recovery may have lost momentum.

XRP/USD 1-hour chart

Levels to Watch

XRP/USD

Overview
Today last price 0.4091
Today Daily Change -0.0148
Today Daily Change % -3.49
Today daily open 0.4239
 
Trends
Daily SMA20 0.4294
Daily SMA50 0.4111
Daily SMA100 0.3654
Daily SMA200 0.3458
Levels
Previous Daily High 0.4243
Previous Daily Low 0.3978
Previous Weekly High 0.494
Previous Weekly Low 0.3894
Previous Monthly High 0.4741
Previous Monthly Low 0.2917
Daily Fibonacci 38.2% 0.4142
Daily Fibonacci 61.8% 0.4079
Daily Pivot Point S1 0.4064
Daily Pivot Point S2 0.3889
Daily Pivot Point S3 0.3799
Daily Pivot Point R1 0.4328
Daily Pivot Point R2 0.4418
Daily Pivot Point R3 0.4593

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP