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November 15, 2019 @ 16:29 +03:00
In the past few days, ripple mostly followed a bearish pattern below the $0.2800 and $0.2750 supports against the US Dollar. Moreover, XRP/USD settled below the $0.2750 support area and the 100 hourly simple moving average. The recent decline pushed the price below the $0.2700 support area. A new monthly low was formed near $0.2630 and the price is currently consolidating losses. The price corrected above the 23.6% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low.
However, there are many resistances on the upside near the $0.2680 and $0.2700 levels. The first key resistance is near the $0.2690 level. Besides, the 50% Fib retracement level of the recent drop from the $.2749 high to $0.2630 low is near the $0.2690 level. The main resistance is near the $0.2700 and $0.2720 levels. More importantly, this week’s crucial bearish trend line is active with resistance near $0.2700 on the hourly chart of the XRP/USD pair.
Above the trend line, ripple could struggle near the 100 hourly SMA and $0.2720. Therefore, a successful close above the $0.2720 resistance is needed for upside acceleration towards the $0.2800 level. On the downside, an initial support is near the $0.2630 and $0.2620 levels. If there is a clear break below the $0.2620 support, the price may perhaps decline further below the $0.2600 and $0.2550 levels. In the mentioned case, the next major support is near the $0.2450 level, where the bulls might take a stand.