News: Ripple (XRP) Price Trading Near Key Inflection Point: Bear or Bottom?

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https://www.newsbtc.com/?s=Ripple%20%28XRP%29%20Price%20Trading%20Near%20Key%20Inflection%20Point%3A%20Bear%20or%20Bottom%3F

Transcript:

0:00:00 Ripple (XRP) Price Trading Near Key Inflection Point: Bear or Bottom?

0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".

0:00:11 Ripple price managed to stay above the $0.2850 support area against the US dollar.

0:00:18 The price is currently facing a strong resistance near the $0.2900 and $0.2910 levels.

0:00:26 There is a major bearish trend line in place with resistance near $0.2910 on the hourly chart of the XRP/USD pair.

0:00:35 The pair could either recover above $0.2950 or start a fresh decline below the $0.2850 support.

0:00:44 Ripple price is currently consolidating in a tight range against the US Dollar and bitcoin.

0:00:50 XRP is likely to make the next move either above $0.2950 or below $0.2850 in the near term.

0:00:59 After a massive drop towards $0.2790, ripple price started a short term correction against the US Dollar.

0:01:07 The XRP/USD pair traded as low as $0.2797 and recently recovered above the $0.2820 and $0.2850 levels.

0:01:19 There was a break above the 23.6% Fibonacci retracement level of the last decline from the $0.3080 high to $0.2797 low.

0:01:30 The price even traded above the $0.2900 level, but it faced a strong resistance near the $0.2950 and $0.2955 levels.

0:01:42 It failed to clear the $0.2960 level and the 100 hourly simple moving average.

0:01:48 Besides, there was a rejection near the 50% Fibonacci retracement level of the last decline from the $0.3080 high to $0.2797 low.

0:01:59 As a result, there was a fresh drop and the price retested the $0.2850 support level.

0:02:06 At the moment, the price is slowly moving higher and testing the $0.2900 level plus the 100 hourly SMA.

0:02:14 There is also a major bearish trend line in place with resistance near $0.2910 on the hourly chart of the XRP/USD pair.

0:02:23 Thanks for watching this video.
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