The Ripple company token is looking quite ugly at the moment. It’s 31 percent down since it peaked at $0.337 on February 14. As of the time of writing, the XRP/USD pair is trading at $0.229, right below the previously stable support line at $0.23. It is of critical importance for bulls to return back into the $0.25-$0.23 zone, otherwise, I fear we might be up for a heavy drop to $0.18 - the lowest point reached since November 17.
Yesterday, we saw the coin breaking below the 50.00 percent Fibonacci level at $0.265, which was successfully repelling the high-pressuring bear traders since February 5. The 50 and 200-day EMAs were also left behind.
My personal feeling is that price will rebound from the area around $0.22-$0.23 as its combining horizontal support with mid-term trendline and it worked quite good as a support zone till now.
In terms of trading volumes, they remained stable in the $2.2 - $2.5 billion zone on Monday and Tuesday, then started to pick up on Wednesday and peaked at $3.2 billion midday.
Yesterday, we saw the coin breaking below the 50.00 percent Fibonacci level at $0.265, which was successfully repelling the high-pressuring bear traders since February 5. The 50 and 200-day EMAs were also left behind.
My personal feeling is that price will rebound from the area around $0.22-$0.23 as its combining horizontal support with mid-term trendline and it worked quite good as a support zone till now.
In terms of trading volumes, they remained stable in the $2.2 - $2.5 billion zone on Monday and Tuesday, then started to pick up on Wednesday and peaked at $3.2 billion midday.
Comment:
Like commented yesterday, the XRP found support around $0.22-$0.23 (right at the mid-term uptrend line and the horizontal support) and started to pick up the pace. Next for the XRPUSD pair is to stabilize in the $0.23-$0.25 rectangle and regain position above $0.25.