XRP/USD, Lucky Guy, Will It Hold Bearish Attack?
The currency pair still develops its midterm downtrend as it is close to the red descending trend line. However, it “feels” better than the most of its “colleagues” from Top-20 as XRP/USD declines for nearly two percent on Thursday. It seems like the currency pair has no clear short term tendency.
XRP/USD had a bullish correction yesterday but buyers were unable to drive the currency pair over 1.618 retracement level. The price declined later towards the red midterm descending trend line, but failed to cross it as well, showing nor bulls neither bears had the power to change the situation.
It is a kind of horizontal channel now that you can use by catching its borders. The price is currently close to the resistance area at $0.6073. What are the possible scenarios for XRP/USD in the next several hours?
1. Bullish correction. The currency pair will break through the resistance area at $0.6073 and move towards the closest 1.618 retracement level. If successful, buyers may develop the correction even higher, targeting 1 retracement level.
2. Bearish scenario. XRP/USD will test 1.618 retracement level and reverse downwards there or start off declining from the current levels targeting 2.618 retracement level.
Check the full crypto analysis HERE.
XRP/USD had a bullish correction yesterday but buyers were unable to drive the currency pair over 1.618 retracement level. The price declined later towards the red midterm descending trend line, but failed to cross it as well, showing nor bulls neither bears had the power to change the situation.
It is a kind of horizontal channel now that you can use by catching its borders. The price is currently close to the resistance area at $0.6073. What are the possible scenarios for XRP/USD in the next several hours?
1. Bullish correction. The currency pair will break through the resistance area at $0.6073 and move towards the closest 1.618 retracement level. If successful, buyers may develop the correction even higher, targeting 1 retracement level.
2. Bearish scenario. XRP/USD will test 1.618 retracement level and reverse downwards there or start off declining from the current levels targeting 2.618 retracement level.
Check the full crypto analysis HERE.
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