356 Interactions, 2 today
At the time of publication, XRP had retraced the majority of its decline from $0.6 to $0.45 and was trading at $0.55. The most talked about subject in the XRP community was #RelistXRP. A return to the $0.54 level is likely in the coming hours, but this is a high level of support, and XRP is not predicted to decline any further. Bulls in XRP had their sights fixed on the $0.6 and $0.63 stages.
XRP 1-hour chart
Fibonacci retracement levels for XRP’s latest drop from $0.6 to $0.45 were plotted in yellow and superimposed on identical retracement levels for XRP’s earlier, longer-term move (white). Confluence occurred in the $0.539 region, indicating that it is a good support level.
XRP tried the $0.565 resistance threshold but was refused on several occasions, creating an ascending triangle pattern that failed. This made a return to $0.542 more likely, but technical indicators did not indicate a drop below $0.538 as of yet.
The $0.538 level has shifted from opposition to help in recent days. A rejection at the next stage of resistance, $0.565, is likely to send the candlewick down to $0.538 but no higher. The longer time period was neutral to scarcely bullish at the time of publishing, making buying a slightly risky investment. Trading activity was also low, indicating that market participants were staying on the sidelines.
The hourly RSI dropped to neutral 50, while the Amazing Oscillator also fell to zero. Chaikin Money Flow had reached a state of neutrality. OBV has been steadily rising over the last few days, but investors are still scarce in the market.
The Directional Movement Index (DMI) also suggested that the uptrend was losing momentum, as the ADX (yellow) and the +DI (blue) started to sink below 20.
At the time of writing, the price lacks traction, and the $0.538 level is of significance in the coming hours because it is supposed to be a good support level and could tip the scales for a strong step in the market.