Ripple Price Analysis: XRP/USD Approaching Breakout?
It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high. However, the downside wave was protected by the $0.6600 support and the 100 simple moving average (2-hours).
Moreover, the 38.2% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high also acted as a support. At the moment, there is a major contracting triangle forming with resistance near $0.7000 on the 2-hours chart of the XRP/USD pair.
The pair may trade in the triangle for some time before making the next move either above $0.7000 or below $0.6600. A break above the $0.7000 level could push the price towards the $0.7250 level.
On the flip side, if the price fails to stay above $0.6600, there can be a test of the 50% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high at $0.6315.
The current bias is positive and if the price succeeds in breaking the triangle at $0.7000, there can be a major upside move.
Trade safe traders and do not overtrade!