XRP/USD is bouncing off the 61.8% Fibonacci retracement of the $0.88-$1.76 recent rise. Price is still below key resistance levels and still vulnerable to a move lower. Critical support is found at $1.20. Price tested this level several times this last few days and all of the times bulls managed to defend it. Breaking below it will open the way towards $1 or even lower.
Red line – resistance
XRP is still below the red resistance trend line ($1.47) and below the latest high of $1.54. As long as price is below these two levels price will be vulnerable to another move lower. Support is at $1.20. If resistance is broken then bulls will have hopes of challenging $1.76 and starting a move with a target above $2. Until then bulls need to do a lot of work. Bears remain in control of the short-term trend.