Ripple (XRP) Price Analysis (February 17)

Key Highlights

  • XRP market is under a falling force by the US dollar price valuation.
  • XRP/USD pair’s value now averages a low point at $0.26.
  • The XRP/USD traders need to exercise some levels of caution in exerting more sell order presently.

Major resistance levels: $0.32, $0.34, $0.36
Major support levels: $0.24, $0.22, $0.20

Ripple (XRP) Price Analysis

The XRP has been under pressure by the US dollar since February 15 until now. The cryptocurrency started falling while it was unable to push northward beyond $0.34 price level.

The US dollar has brought down the pair’s value towards averaging a low point at $0.26. And, that price line may be broken southward to find a foundation around the immediate major support level at $0.24 mark.

Ripple (XRP) Technical Indicators Reading

In the course of falling price movements, the 14-day SMA trend-line has also curved southward to touch the 50-day SMA trading indicator. The two SMAs are now over the current market/s trading region. That suggests that the XRP/USD trade is yet under bearish pressure,

The Stochastic Oscillators are now consolidating within and around range 20 closer to the oversold region.

Conclusion

The XRP/USD market now appears to regain its lost momentum to an upward price swinging as it trades around a previous low before January 12. A possible crossing-down of the 50-day SMA trading indicator at $0.30 mark by the 14-day SMA will put the pair to a further falling pressure. The bears may not be having the capacity to sustain their positions through the major support levels of $0.24, $0.22, $0.20.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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