XRP correlated with the market-wide growth in the past week in its recent rising wedge recovery in the daily chart. Meanwhile, the buyers found a close beyond the chains of the 50% Fibonacci level and eyed to test the immediate supply zone (green, rectangle). The close above the 20 EMA has echoed the recent uptick […]
XRP correlated with the market-wide growth in the past week in its recent rising wedge recovery in the daily chart.
A close above or below the $0.36 zone would be critical to leverage XRP’s future movements. At press time, XRP traded at $0.3647, up by 4.65% in the last 24 hours.After dropping toward its 16-month low at the $0.33-level on 18 June, XRP rebounded from the $0.3-support. But with the 61.8% Fibonacci level standing sturdy, the altcoin saw an expected bearish pennant-like breakdown on its chart. Consequently, the alt fell back below the 20 EMA.
For over a month, the price action has marked a strong rejection at the 61.8% Fibonacci resistance. Should the current candlestick close below the $0.36-level, XRP would witness a near-term slowdown. Contrarily, an immediate recovery would help the buyers test the supply zone in the $0.38 region. The buyers must wait for a close above the golden Fibonacci level before placing calls.The Relative Strength Index displayed a bullish bias as it continued its northbound trajectory above the midline. A sustained position above the midline would help the buyers hold on to the immediate grounds.
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