Cryptocurrency Market Update: XRP Struggling to Breakout of The Support Level, Trend Unclear

Earlier in the week, the crypto market appeared to have maintained a good streak in the green zone. Market top dog, Bitcoin crossed the 8k mark and even extended its position further ahead of the rest of the cryptos. XRP and Ethereum have also had their own positives along with Bitcoin Cash. Litecoin and EOS are among the best performing cryptocurrencies for 2019. This streak has continued. Our cryptocurrency market update focuses on XRP. A highlight of trading for the XRP/USD pair in the last 24 hours shows that XRP initiated a downside correction in the short term.

XRP price is now trading close to key support positions against the USD which is similar to Bitcoin. XRP price will likely to extend any losses along the way if the bulls don’t keep its value above $0.3940.

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.270
-1.95%

Cryptocurrency Market Update: XRP Price Gained Bullish Momentum to Break $0.3940 and $0.4000

After forming a support pattern near the $0.3840 area, XRP price launched an upward movement against the USD. The XRP/USD pair eventually started to gain bullish momentum before it went on to break the $0.3940 and $0.4000 areas which are both resistance positions. There was a close above the $0.4000 price level and the 100 hour SMA. XRP price managed to break the $0.4100 position to form a swing high at the $0.4108 position.

Recently, the price of XRP started a downside correction under the $0.4050 support area. There was also a break beneath the 50% Fibonnaci retracement area via the last wave from $0.3833 to $0.4108. XRP price Alsop broke the $0.4000 position which is a support area. However, this decline was saved by the $0.3940 position which is a support level. There’s a key bullish pattern forming with support at $0.3945 via the hourly chart highlighting trading for the pair.

Cryptocurrency Market Update: XRP Price Could Either Move Over $0.4000 or Decline Under $0.3940

The 61.8% Fibonnaci retracement area via the last wave from $0.3833 to $0.4108 is acting as strong support positions for the bulls as well. It appears the price of XRP is forming a breakout near $0.3940. Meaning it could start a fresh increase over $0.4000 or decline below $0.3940. In the event that there’s a downside break, XRP price could break $0.3900 which is also a support position. The next key support will be at $0.3840.

Conversely, if the XRP price stays over the $0.3940 position, we could see a decent upward movement. There’s an immediate resistance area at $0.4000. Above this area, the price of XRP might trade near $0.4050 or $0.4100. If we see more gains, the next area for a stop for the bulls should be $0.4220.

Cryptocurrency Market Update: XRP Price is Trading in a Make-or-Break Zone

If you look closely at the chart, we can see that XRP price is currently trading around an important support position at $0.3940. In the event that it stays above the $0.3940 area, we could see a fresh increase. If this does not materialize there’s a risk of more losses under $0.3900 and $0.3880. The MACD line is gaining pace in bearish territory. RSI is below the 40 position with a bearish pointer.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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