- Ripple extends correction from $0.25 weekly high, targets $0.22.
- Technicals could remain throughout the American session on Thursday.
The declines on the day have broken below the support. The move appears to have increased the confidence the sellers have as well as their grip on the price. It is possible that the declines will test the support at $0.22.
On the flip side, movements to the north will remain capped under the broken channel as well as the key hurdle at $0.23. It is essential that the bulls reclaim the position within the channel and focus on breaking the resistance $0.24 and $0.25.
shows that the ongoing correction could last through the American trading session. The ( ) doubles down on the picture. As long as the is not oversold, Ripple will continue to deal with the pressure. In addition to that, the Oscillator has started a new session.
In the meantime, the 100 Moving Average will continue to offer short term support at $0.2335. If the support at $0.22 were to give in, XRP will bank on finding support at lower levels including $0.21 and the 23.6% Fibo.
Ripple Key Levels
Spot rate: $0.2235
Relative change: -0.0092
Percentage change: -4.3%