Ripple price extended declines against the US Dollar and Bitcoin. XRP/USD is currently testing $0.2200 and struggling to hold the stated level.
There were further losses in Ripple price from the $0.2400 swing high against the US Dollar. The price slowly and steadily moved down below the $0.2350 and $0.2300 support levels. It traded close to the $0.2200 level and formed a low at $0.2190. Later, there was an upside correction and the price moved above the 23.6% Fib retracement level of the last decline from the $0.2600 high to $0.2190 low.
However, the upside move was capped by the $0.2350 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $0.2600 high to $0.2190 low also acted as a resistance. XRP declined once again and is currently trading near the $0.2200 support area. On the upside, yesterdayâs highlighted major bearish trend line with current resistance at $0.2400 is intact on the hourly chart of the XRP/USD pair. The trend line resistance at $0.2400 is also around the 100 hourly simple moving average.
Therefore, the $0.2350 and $0.2400 levels are important resistances on the upside. As long as the price is below the $2400, there can be more declines in XRP/USD in the short term.
Looking at the technical indicators:
Hourly MACD â The MACD for XRP/USD is gaining pace in the bearish zone and is showing a lot of negative signs.
Hourly RSI (Relative Strength Index) â The RSI for XRP/USD is now below the 40 level and is in the bearish zone.
Major Support Level â $0.2200
Major Resistance Level â $0.2400
Charts courtesy â Trading View, Kraken
Could Crypto Exchanges KYC Prevent Money Laundering In Bitcoin?
China’s regulators recently warned that cryptocurrency is a potential threat in anti-money laundering as bitcoin could easily bypass the country’s capital controls and achieve cross-border capital
BMO, Pension Plan Pilot Blockchain for Fixed Income Issuance
Canadian financial firm BMO Capital Markets is working with the Ontario Teachers' Pension Plan on a new blockchain pilot.
The trial sees the two firms register a fixed income issuance on a blockcha
South Korea Budgets $880 Million for Tech Including Blockchain
The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
According to a government release on Tuesday,
Pantera Capital Has Raised $71 Million So Far for Third Crypto Fund
Blockchain investment company Pantera Capital has launched its third crypto fund with over $71 million already committed, according to public documents.
A filing submitted by the company to the U.S
Airbnb Co-Founder Backs $22 Million Funding for Crypto Dealer SFOX
A cryptocurrency dealer setting out to provide trading services for institutional investors has closed a Series A funding round of $22.7 million.
Called SFOX, the platform announced on Thursday tha
Ripple Endorses 'Preferred' Crypto Exchanges for XRP Payments
Distributed ledger startup Ripple has endorsed three cryptocurrency exchanges as its "preferred partners" for transacting with its xRapid payments service, which uses the cryptocurrency XRP.
US Senate to Examine Energy Efficiency of Blockchain
The U.S. Senate is set to take another look at blockchain technology next week.
The Committee on Energy and Natural Resources will host a hearing on "Energy Efficiency of Blockchain and Similar Tec
Soccer Body UEFA Scores 'Successful' Blockchain Ticketing Trial
The Union of European Football Associations, or UEFA as it's more commonly known, has just announced the completion of a "successful" trial of a mobile ticketing app built with blockchain.