Daily Price Outlook
- Ripple completes a 61.8% Fibonacci retracement near $0.470, signaling a potential bullish reversal.
- Resistance levels to watch are $0.4873 and $0.5051, but mixed signals from other technical indicators add some uncertainty.
- Long positions above $0.5053 and short positions below $0.4700 are recommended for the upcoming dance floor action.
Ripple has recently taken a swing on the technical dance floor, completing a 61.8% Fibonacci retracement around the $0.470 level. Despite struggling to break through the resistance level at $0.5426, the price has dropped it like it’s hot.
But fear not, as a bullish candlestick pattern has emerged near the 61.8% retracement, hinting at a potential dance move in the opposite direction.
If the music keeps playing, the cryptocurrency pair could bust some moves and aim for the next resistance levels at $0.4873 and $0.5051. However, the other dancers on the floor are sending mixed signals.
The 50-day exponential moving average is doing some fancy footwork as a significant resistance at the $0.5044 level, while the relative strength index and moving average convergence divergence are twirling in a neutral zone.
To groove with the rhythm, it’s wise to hit the dance floor with long positions above the $0.5053 level and short positions below the $0.4700 level. The breakdance battle between these levels will decide the future dance routine, which we’ll reveal in our upcoming forecast.
XRP/USD Price Chart - Source: Tradingview
XRP/USD – Trade Idea
Entry Price – Sell Below 0.48956
Stop Loss– 0.51170
Take Profit – 0.44496
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$44/ -$22
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