- Summary:
- Ripple price has been on a steady uptrend since it broke resistance at $0.2400. However, the recent candles suggest that XRPUSD may soon drop.
Ripple price has been on a steady uptrend since it broke resistance around the $0.2400 handle. It looks poised to rally to $0.3150 where it peaked on September 18, October 26, and November 6.
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However, on the daily time frame, we can see that XRPUSD has spent the last few trading trading consolidating around $0.2800. The recent candlesticks could suggest that the cryptocurrency may soon retrace some of its gains. By drawing the Fibonacci retracement tool from the low of January 24 to the high of February 9, we can see that the 50% Fib level falls around $0.2500. This price also coincides with the 200 SMA. Lastly, when you connect the lows of January 3 and January 25, the rising trend line also aligns with the psychological handle. If ripple price falls to this level, the uptrend on the cryptocurrency will still be intact. However, a drop below could suggest a bigger sell-off on XRPUSD. The next floor could be around $0.2200.
A closer look at the hourly chart suggests that we may not even see a pullback on ripple price anymore. By connecting the lows of February 2, February 4, and February 8, we can see that the cryptocurrency is currently testing a confluence of support. For one, there is the rising trend line. Secondly, the 100 SMA also aligns with $0.2800 where ripple price is currently trading at.