XRP/USD has lost nearly three percent in the past 24 hours

The currency pair has lost nearly three percent in the past 24 hours. It seems that XRP/USD has ended its midterm downside tendency as it fluctuates with no clear direction currently. Ripple has left the red descending trend line and the green ascending one. XRP price seems to stay within a horizontal channel in the moment of writing.

Let’s see closer what is happening inside the Fibonacci retracement. XRP price is close to 0.618 retracement in the moment of writing and seems to jump off this level. The closest support area is at $0.6608. Ripple has broken the support area at $0.6914 and several retracement levels since it has ended is upside correction to the bigger midterm downtrend.

The possible scenarios for XRP/USD are the following:

1. The currency pair will run towards the closest support area at $0.6608, which coincides with 0.768 Fibonacci retracement level and test those areas. If successful, bears will be able to push XRP/USD even lower, towards the next retracement level at least. The next closest support is at $0.6428.

2. Ripple will run towards the 0.618 retracement level again. This one will be tested and if successful, bulls will have an opportunity to drive XRP/USD even higher towards 0.5 and 0.382 retracements. The closest resistance level lies at $0.6914 and coincides with 0.236 retracement area.

3. There will be no significant price changes in the nearest future and the currency pair will stay close to the current levels.

Check the full crypto analysis HERE