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.
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
Author
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.
