Ripple Price Analysis: XRP/USD dangles at the 38.2% Fibonacci level
|- Ripple fails tom defend the support at $0.2200 but defends the falling channel support.
- Technical levels show that XRP/USD is primed for gains above $0.2220 as Ripple bulls focus on levels above $0.2340.
Ripple is also shedding its value as we close the Asian session to enter the European session. The third-largest cryptocurrency in the world is trading at 0.75% lower on the day. XRP ground started the session at $0.2210 and has hit a high of $0.2232. A low of $0.2169 has been posted before adjusting to $0.2194 (market value). The prevailing trend is slightly bullish amidst the expanding volatility.
XRP bears tried and failed to penetrate the support offered by the 23.6% Fibonacci retracement level with the last drop from $0.2340 to a low at $0.2111. A reversal is testing the 38.2% Fibo and is within the descending channel. XRP is also trading below the moving averages; the 100 SMA at $0.2236 and the 50 SMA forming a confluence with the 61.8% Fibo at $0.2253 on the 2-hour chart.
Technically, Ethereum has averted the short term declines likely to refresh lows at $0.2111. A correction above the 38.2% Fibo and the falling channel is required for the bulls to focus on levels leading to $0.2340. Meanwhile, rising above $0.2220 will be key to the ongoing recovery.
XRP/USD 2-hour chart
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