Market Overview

Ripple Recovers Value At Current Price Levels

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Ripple Recovers Value At Current Price Levels
  • Ripple is trading in the final phase of his retracement from highs: Preparing to get back in track?
  • Bitcoin reaches 50% Fibonacci retracement level, should spend some time there as money isn't flowing into BTC.

Ripple, the most advanced altcoin in the current retracement

Ripple is at the end of its current corrective price action, that has been developing since it reached all-time highs back on January 4th. XRP's retracement from those tops has developed quite faster than in other altcoins, which now allows it to get into its next trading steps way before other Cryptocurrencies.

This doesn't mean that Ripple is about to skyrocket, but it might have a brighter scenario than other crypto assets. After falling from $3.29 to $1.10, XRP has lost its acceleration and its current ceiling is built with the trendline coming from the $0.20 mark. 

If the bullish leg is developed, first meaningful resistance is at $1.38, the second one at $1.74. The main target of such a move should be at $2. Once that level is reached, the situation would need to be re-analyzed.

On the other hand, there is strong support for XRP/USD in the lows of the current move, at $0.857. Below there, $0.65 is the last barrier in a long-term bearish territory.

XRP/USD 4H Chart

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MACD shows a divergent structure with the lows reached in the last leg of the recent bearish run. If buyers re-enter the picture in the short term, a bullish move might develop with a very favorable setup.

Directional Movement Index shows a pattern that hints a fall in the number of sellers. D- is moving below ADX and has tried a double test, failing to reach over it. Buyers are not showing any signs of life yet, something that needs to be tracked closely to consider a bullish entry signal in the short-term.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: FXStreet ripple XRPCryptocurrency Forex Markets Best of Benzinga

 

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