- Ripple dives under $0.4 following recovery above $0.4060.
- The confluence detector tool places the first resistance at $0.3991 while $0.4237 is the key hurdle.
Ripple’s XRP market valued rose significantly above $0.4060 on Tuesday. This was the first time this week when XRP/USD was trading above $0.4000. A high formed at $0.4073 gave way to the bears who wasted no time gurning for revenge. As resulted Ripple is back under $0.40 and trading at $0.3969.
The confluence detector places the first resistance at $0.3991. This level is home to several technical indicators including SMA200 15-min, SMA 50 1-h, SMA10-1D, and SMA10 4-h. There are several other hurdles Ripple will have to overcome before assaulting $0.4237 strong level. Some of these are highlighted by the tool at $0.4013, $0.4036, and $0.4080.
On the downside, Ripple is still strongly supported in spite of the correction from today’s highs. Initial support is observed at $0.3947. The level is highlighted by the Bollinger Band 4-h Middle and the Fibonacci 38.2% weekly. The next support target is placed at $0.3880 while extended declines will find solace at $0.3746 and $0.3723 respectively.
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