Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

XRP Price Falls Below Support, Bearish Momentum Builds

Source Newsbtc

XRP price started another decline from the $0.5980 zone. It is gaining bearish momentum and might drop below the $0.5500 support zone.

XRP price failed to clear the $0.60 resistance zone and trimmed gains.
The price is now trading below $0.5720 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline heavily if there is a close below the $0.550 pivot level.

XRP Price Trims Gains

XRP price extended gains above the $0.550 level like Bitcoin and Ethereum. However, the bulls failed to clear the $0.600 resistance zone. The price formed a high at $0.5989 and the price is now correcting gains.

There was a move below the $0.5750 level. Besides, there was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair. The pair tested the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5989 high.

The price is now trading below $0.5680 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5720 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5980 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6120 resistance or even $0.620 in the near term.

More Downsides?

If XRP fails to clear the $0.5720 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5550 level. The next major support is $0.5420 or the 76.4% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5989 high.

If there is a downside break and a close below the $0.5420 level, the price might continue to decline toward the $0.530 support in the near term. The next major support sits at $0.5250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5550 and $0.5420.

Major Resistance Levels – $0.5720 and $0.5850.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

WTI slips below $90.50 as Trump signals no pre-election strike on Iran West Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.

Author FXStreet

Oct 09, Fri

West Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Oct 09, Fri

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

Yesterday 03: 23

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

22 hours ago

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Popular Symbols