Let’s have a closer look at what’s happening on the Hourly chart. The currency pair had a deep downside correction on Monday and Tuesday but managed to cross $0.6515 and several retracement levels. XRP/USD failed to jump over the green ascending trend line, but was close to it. Ripple seem to establish a bullish flag currently meaning the currency pair will be able to develop its upside tendency. What are the possible ways for XRP/USD?
1. Red scenario (bearish). The currency pair will cross 0.786 retracement level and the support area at $0.6515, which coincides with 1 retracement level targeting the next support area at $0.6216.
2. Orange scenario (neutral). The currency pair will stay between 0.5 and 0.786 retracement levels without significant price changes.
3. Green scenario (bullish). XRP/USD will develop its upside tendency targeting the upper boundary of the Fibonacci retracement, which coincides with the resistance area at $0.7013.
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