By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The attempts of the XRP to perform a bounce after stressful trading days keep failing. On Friday, March 20th, it is generally trading at 0.1636 USD.
On D1, the quotations may perform a pullback after a swift declining impulse. The quotations broke through the last meaningful low of 0.1741 USD but did not reach the psychologically important level of 0.1000 USD. In the current picture, the main resistance level is at 0.2525 USD, lying on the long-term resistance line. The MACD has formed a Black Cross which indicates the potential development of the downtrend.
On H4, there is correctional growth beginning; the quotations are reaching 23.6% Fibo. The Black Cross and convergence on the Stochastic showed earlier that the declining impulse was coming to an end and a pullback would begin soon, and the market performed the scenario. The aims of the pullback are going to be the levels of 38.2% (0.2045 USD) и 50.0% (0.2317 USD). The support is at the local low of 0.1165 USD.