Ripple Price Analysis: XRP/USD Bearish Below $0.7350
It cleared the path for more losses and the price declined below the $0.6300 level and settled well below the 100 simple moving average (2-hours). The price traded as low as $0.6265 and it is currently recovering.
It just moved above the 23.6% Fib retracement level of the last downside leg from the $0.7922 high to $0.6265 low. However, any further recovery won’t be easy above $0.7050. The broken support at $0.7050 will most likely act as a resistance.
Furthermore, the 50% Fib retracement level of the last downside leg from the $0.7922 high to $0.6265 low is near $0.7090 to act as a major hurdle for buyers. Having said that, only a close above the $0.7350 and $0.7500 would call for an upside move since both are pivot levels.
On the downside, the $0.6250 level is a short-term minor support. A break below the mentioned $0.6250 support could ignite sold declines in the near term towards the $0.6000 level, which is the next buy zone.
Trade safe traders and do not overtrade!