Ripple: XRP / USD daily chart
Investing.com – The XRP that it issued was up an additional 7% today to $ 1.0412. A preliminary high at 1.0886 was formed on Wednesday with news of another.
The overbought conditions at the time then led to the inevitable correction yesterday, Thursday. The 23.60% Fibonacci retracement of the 0.5177 to 1.0886 move offered good support at 0.9538 which was not broken on a daily closing basis.
Ripple: Daily chart
Should it now manage to break the high of August 11th, the bulls will target the 123.60% Fibonacci extension at 1.2233.
On the other hand, if the price breaks the 23.60% Fibonacci retracement on a closing price basis, we have to prepare for a test of 0.8705.
Ripple: XRP / USD hourly chart
The hourly chart clearly shows how a double bottom has formed after a downward correction from the high at 1.0880 in the area around 0.9253.
The falling trend line from the high offered resistance at first, but was then overcome. The 38.20% Fibonacci retracement of the downward movement from 1.0880 to 0.9253 was cracked with a second attempt.
This was followed by a dynamic movement up to the 61.80% Fibonacci retracement of 1.0258 and a test of the 78.60% Fibonacci retracement of 1.0531. The latter is seen as a transition point for a continuation of the upward move to the high at 1.0880.
From Marco Oehrl
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