At the time of writing, Ripple – the world’s 3rd most important cryptocurrency – is trading at $0.3195. After a sharp decline following the June 26th peak at $0.4938, Ripple (XRP) reached an important support level at about $0.2835 on July 16th (around its lowest level in 2019). Since this low, Ripple has been bouncing back.
XRP/USD – Daily Chart – TradingView
Where will Ripple go next?
The XRP/USD currency pair is evolving upwards within a bullish
trend channel, but below an important resistance level at $0.3307, with a RSI
still under its 50 neutral zone.
While the XRP
price movement against the dollar made a first attempt to breach the
23.6% Fib retracement of the downward move from the $0.4742 high to $0.2849 low
on July 22nd, market participants are expecting the XRP/USD to head again in
the direction of the 23.6% Fib retracement and the $0.3307 resistance level to
move higher towards the 38.2% Fib retracement.
However, if prices fail to
break the 23.6% Fib retracement and the $0.3307 resistance, prices…