easyMarkets
Long

XRPUSD approaching support, potential bounce!

BITFINEX:XRPUSD   XRP / U.S. Dollar
XRPUSD is approaching our support at 0.2518 (horizontal swing low support, 100%, 61.8% Fibonacci extension ) and a strong bounce might occur pushing price up to our major resistance at 0.2900 (horizontal swing high resistance, 100% Fibonacci extension , 38.2% Fibonacci retracement ). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (89,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
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