Here we are analyzing XRP/USD on the 8H chart.
Continuing to keep a close eye on Ripple, price is currently within a flag structure after a down leg has had a correction and formed consolidation at a peak of 0.8380, which found resistance on the 20 moving average.
At current, price is trading at 0.7670 after a strong down move from the peak on 5th March. Price began a correction after hitting a low at 0.7360 and since then has gone side-wards. If price breaks the flag structure below 0.7610, then I am expecting price will have a breakdown to the next lower , and the measure move of the flag at at least 0,5390 before the next up move begins.
Price has 2 support levels it can use for a bounce to the upside. First of all we have 0.7310, which is just below the level and acts as the horizontal resistance. This itself is a reliable support IF price can find some momentum, in the form of reversal . Secondly, we can keep an eye on the next horizontal support at 0.5310 for support
Price could bounce to the upside before 0.5300 is achieved, if the overall Crypto markets condition improves.
I will update this analysis when I receive above 40 likes.
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