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Ripple Price Analysis: XRP breaks 9.5-month-old support line on trading suspension news

  • XRP/USD holds lower ground after breaking an ascending trend line from mid-March.
  • OKCoin and Coinbase recently dropped ripple from their offering list.
  • Sustained trading below August top and 61.8% of Fibonacci retracement of March-December upside favor the bears.
Ripple Price Analysis: XRP breaks 9.5-month-old support line on trading suspension news
Anil PanchalAnil PanchalFXStreet

XRP/USD holds lower ground near 0.2490 on early Tuesday. The crypto major broke the key support line after two major exchanges suspended Ripple trading due to the US Securities and Exchange Commission (SEC) charges.

Read: Breaking: Coinbase will suspend trading of XRP in January

With the crypto currency’s drop below an upward sloping trend line from March 13 gaining support from bearish MACD and downbeat fundamentals, XRP/USD has more on the south to watch.

While the monthly bottom around 0.2120, also the lowest since late-July, can offer immediate support, the 0.2000 psychological magnet and lows marked in June near 1.1690 can lure the XRP/USD sellers afterward.

In a case where the pair remains heavy past-0.1690, the yearly low near 0.1130 will be the key to watch.

During the corrective pullback, the support turned into a resistance line near 0.2640 will guard the immediate upside ahead of the 61.8% Fibonacci retracement level near 0.3680.

It should, however, be noted that the XRP/USD bulls are less likely to think of entries unless witnessing a clear break of 50% Fibonacci retracement level around 0.4475. Following that, a descending trend line from November 24, at 0.6013 now, will be in the spotlight.

XRP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price0.2478
Today Daily Change0.0000
Today Daily Change %0.00%
Today daily open0.2478
 
Trends
Daily SMA200.4626
Daily SMA500.4647
Daily SMA1000.3549
Daily SMA2000.2953
 
Levels
Previous Daily High0.3093
Previous Daily Low0.2339
Previous Weekly High0.5864
Previous Weekly Low0.2126
Previous Monthly High0.7843
Previous Monthly Low0.228
Daily Fibonacci 38.2%0.2627
Daily Fibonacci 61.8%0.2805
Daily Pivot Point S10.218
Daily Pivot Point S20.1882
Daily Pivot Point S30.1426
Daily Pivot Point R10.2934
Daily Pivot Point R20.3391
Daily Pivot Point R30.3688

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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