Ripple Rally Begins

After recent corrective wave down, Ripple found the bottom at $0.54, where it rejected the previous downtrend trendline, that has acted as a support. Then price went up breaking above the current downtrend trendline suggesting the potential continuation of the move up.

The strong resistance is seen at $1.55 area, that is confirmed by two Fibonacci retracement levels. First is 38.2$ Fibs applied through the all-time high. Second is 227.2% Fibs applied to the recent corrective wave down.

The only scenario where XRP/USD will continue to move lower is a daily break and close below the key support at $0.45. At the same time consolidation could be extended and range trading might take another week before Ripple will start to move higher.



Please enter your comment!
Please enter your name here