XRPUSD - Momentum Cannot Wane For a Break Higher to Happen
Since my last post regarding the short term Fibonacci Retracement levels of XRPUSD (linked below), XRP has broken through the .5 and .618 Fib levels. A test of the .786 level also took place, however at the time of writing (early June 18), XRP has been trading bbetween the .786 and .618 levels.
A test of the previous highs of the 0.48 USD range (last tested on May 31) looks possible, however upwards momentum cannot wane in order for this to take place, as the .786 Fibonacci level still needs to be tested before testing the 0.48 USD highs. Momentum especially cannot wane for a break above 0.48 USD to happen, as this would indicate clear skies until the mid 0.50 USD range.
The MoneyGram news has resulted bullish momentum picking up in recent hours as the news lead to the break of the .618 level. Follow through on this move remains to be seen, and this depends heavily on Bitcoin.
A test of the previous highs of the 0.48 USD range (last tested on May 31) looks possible, however upwards momentum cannot wane in order for this to take place, as the .786 Fibonacci level still needs to be tested before testing the 0.48 USD highs. Momentum especially cannot wane for a break above 0.48 USD to happen, as this would indicate clear skies until the mid 0.50 USD range.
The MoneyGram news has resulted bullish momentum picking up in recent hours as the news lead to the break of the .618 level. Follow through on this move remains to be seen, and this depends heavily on Bitcoin.
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