Let’s have a closer look at the situation on the Hourly chart. Ripple followed the Orange scenario during the weekend, but started this new week with a serious decline. XRP/USD managed to fall down towards 2.618 retracement and established a new local low.
Possible scenarios for Ripple are the following:
1. Red scenario (bearish). Ripple will develop its downside progress targeting new local lows.
2. Orange scenario (neutral). The price will run towards the closest resistance area at $0.5914. XRP/USD is likely to reverse afterwards.
3. Green scenario (bullish correction). XRP/USD will reach the closest resistance area at $0.5914 and cross it targeting the next 1.618 retracement area, which coincides with $0.6216 resistance area.
Neutral scenario seems to have better chances on Monday.
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