XRP:USD - Quick analysis by Amfeix
Updated
Market's moving very slow this weekend, with BTC consolidating in a $100 region, as well as alt-coins.
With BTC failing to break the $5500 region,which continued with a major sell-off and brought us to $5000 region again, could mean that we may continue going even lower, both downside and upside targets has been analyzed in prior breakdowns so I suggest you to take a look at them as well.
XRP on the other hand, is currently sitting at $0.32 region, i used the FIB retracement tool, and it appears that we are on a 50% retracement . If BTC continues to fall, XRP price most likely will correlate. I have marked few areas to take into consideration.
First one, being the resistance area marked with Yellow rectangle, failing to break above, it will take us to the support area of $0.28, and I highly believe that will take us to $0.24 which appears to be the first FIB retracement target (-0.27)
Please keep in mind, this is not final.. as the market's consolidating, we will wait for a confirmation before taking a trade.
With BTC failing to break the $5500 region,which continued with a major sell-off and brought us to $5000 region again, could mean that we may continue going even lower, both downside and upside targets has been analyzed in prior breakdowns so I suggest you to take a look at them as well.
XRP on the other hand, is currently sitting at $0.32 region, i used the FIB retracement tool, and it appears that we are on a 50% retracement . If BTC continues to fall, XRP price most likely will correlate. I have marked few areas to take into consideration.
First one, being the resistance area marked with Yellow rectangle, failing to break above, it will take us to the support area of $0.28, and I highly believe that will take us to $0.24 which appears to be the first FIB retracement target (-0.27)
Please keep in mind, this is not final.. as the market's consolidating, we will wait for a confirmation before taking a trade.
Trade active
TARGET 1 REACHED
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