Ripple’s XRP turns lower after getting rejected at key Fibonacci resistance.

In our last analysis on XRP/USD we noted the increased chances of a reversal and we mentioned that it was justified for XRP/USD to turn lower towards $1.36 or even $1.18. Today price has reached the first pull back target as it made a low at $1.31 area. Price has stopped the decline at the 38% Fibonacci retracement of the latest upward move. A bounce back to $1.45-$1.50 is possible, but as long as price is below $1.66, there is still chance of a move towards $1.18.

Red rectangle -major Fibonacci resistance

Green rectangle – major horizontal support

Blue lines – Fibonacci retracement levels

XRP/USD is trading now at $1.40. Price has started making lower lows and lower highs after the rejection at $1,60-$1.70 resistance. Bulls need to recapture this level in order to hope for a move to new short-term highs above $1.97. Otherwise there is danger of seeing price towards $1 and even lower. Support is found now at the next Fibonacci retracement level at $1.27 but the most important Fibonacci retracement level is the 61.8% at $1.18. Resistance is found at $1.49 and next at $1.55. I expect price to make a short-term bounce and continue lower towards $1.18.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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