Ripple Price Analysis: How could XRP take out this massive level?
- Ripple trades over 5% lower as the price retreats after the big rally on Wednesday.
- There is a huge level the price pulled back from to move lower.
XRP/USD daily chart
Ripple had a great Wednesday and pushed higher toward the 200 simple moving average (SMA). On Thursday, it all looked so promising as the price started the session higher, but since the price has come crashing down and with further inspection, it's not hard to see why.
The resistance level marked by the orange rectangle below shows that the 50% Fibonacci, 200 SMA and resistance zone all matched up to form the perfect blended resistance area. The bulls just could not take out the level despite a valiant effort to do so.
Now it seems the price could be heading back to the psychological 0.20 zone, which was a big resistance point earlier in the month. Around that level, the 55 exponential moving average also lies in wait and we could see a pullback there before the upward trend continues.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
