Ripple Price Analysis: XRP/USD Bearish Below $0.7350

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 wont 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!

15.03.2018 / 02:15 62
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