Technical analysis of Ripple (XRPUSD) - viewing in the D1 chart
Ripple had an impressive rally from the late 2020 reaction low of USD 0.1641 to USD 1.9670 on April 14. Starting from this record high, the coin is in a pronounced correction phase. At the start of the week, it fell below the 200-day line and the primary uptrend line and fell to a 3-month low at USD 0.5097. There he started a technical countermovement, which last led to the recapture of the trend line and the reaction low of May 23rd.
We consider an extension of the recovery rally towards the 200-day line at currently USD 0.7290 and possibly the horizontal resistance at USD 0.7915 and the 23.6% fibonacci retracement at USD 0.8536 possible in the short term. A break above the interim high at USD 0.9300 would lead to a clearer improvement in the technical starting position with further rally potential in the direction of initially 1.0664 / 1.1000 USD. The critical level on the bottom is $ 0.5097. In our opinion, falling below this level would signal an immediate continuation of the sell-off in the direction of the USD 0.32-0.43 zone.
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