XRP/USD dancing with the 38.2% Fibo, $0.28 is still unconquered

Fibo Quantum

  • Ripple launches another assault on $0.28 short term resistance zone.
  • Ripple price likely to settle with a narrow range between $0.28 and $0.27.

Ripple is forcing a recovery amid a generally bullish environment across the crypto space. Unlike Monday, the entire market is in the green. Leading the recovery on the day is NEO, EOS and Bitcoin Gold having corrected higher 2%, 1.35% and 1.23% in that order.

Following the return movement to the key support at $0.27, Ripple bulls have been on a mission to break the short term resistance at $0.28. However, limiting the gains is the 38.2% Fibo taken between the last swing high of $0.3153 to a swing low of $0.25 and the descending trendline.

The price is also below the 50 Simple Moving Average on the 4-hour chart currently at $0.2886 and the 100 SMA at $0.2920. According to the Relative Strength Index (RSI), Ripple will settle in the narrow range and trade sideways in the coming sessions. The range spans from $0.270 support to the resistance at $0.28.

XRP/USD 4-hour chart

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Enter Captcha Here : *

Reload Image