Ripple Price Analysis: The Fib levels are holding firm close to 0.20
- Ripple is trading just under flat on Thursday on a mixed day for cryptocurrencies.
- The price has moved back to the 38.2% Fib level and is moving lower.
XRP/USD daily chart
The price has retraced heavily since hitting the low of 0.11004. There has been a rejection of the 50% Fibonacci retracement and then another move lower with a subsequent test of the 38.2% level.
That is not the only level to stand in the way of a move higher. The blue 55 exponential moving average is also acting as a resistance zone at the moment. The price is hovering around the 0.20 psychological support but looks like it might break to the downside.
The relative strength index indicator is also looking weak. The signal line is under the 50 mid-point and a break of the 0.18 level will confirm the bearishness.
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Additional level
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.
