After two days of declining, the XRP stabilized, and on Tuesday it is trading at $0.2364.
On D1, the XRP/USD quotations remain inside the long-term bearish channel. However, after a convergence on the MACD, the resistance line of the mid-term channel was broken out. This situation means the development of a mid-term correctional phase which may turn into a full-scale reversal of the current trend. At the moment, the correction has reached 23.6% Fibo related to the previous impulse of declining, but later the quotations may rise to 38.2% ($0.3012) and 50.0% ($0.3405). Looking at the chart, you can notice that such growth will not only allow overcoming the long-term resistance level of $0.2770 but also secure above it.
On H4, the ascending channel is stable. Simultaneously, the Stochastic has formed a divergence and a Black Cross in the overbought area, which may signal a short-term decline. To develop a decline, the market needs to break out the support line near $0.2260. The aim of the decline will be at $0.2050. This decline…