Ripple: XRP / USD hourly chart
Investing.com – It formed a solid double bottom on August 12th and 13th. An impressive rally followed from the low of 0.9253 to the high of 1.3480. Currently the daily gain is 0.44% on one of 1.2871 dollars.
The bulls ran out of breath at the most recent high, as the RSI impressively shows. While the price made a higher high (green line), the RSI made a lower high, which speaks for the weakening momentum.
The 23.6% Fibonacci retracement of 1.2482 has already been tested three times, but it could not be broken on a closing price basis. Thus, a short-term support seems to have established itself here.
Should this fall, the correction to the 38.2% Fibonacci retracement of 1.1865 must be expected.
On the other hand, if an hourly closing price succeeds above the recent high of 1.3480, the gains can be expanded to the 123.60% Fibonacci extension of 1.4477. A resumption of the upward movement is favored by the RSI, which is no longer in the overbought area.
On the daily chart, the rally of the XRP hit its high of 1.3480 from the 0.5175 low. With a value of 83.51, the RSI is in the overbought area and a correction or consolidation must be expected.
Supports are with the 23.6% and 38.2% Fibonacci retracements at 1.1520 and 1.0307.
On the other hand, if the resistance from the recent high of 1.3480 is overcome, gains can be set to the 123.6% Fibonacci extension of 1.5440, the 138.2% Fibonacci extension of 1.6652 and the 150 over the next few days % Fibonacci Extension of 1.7632.
From Marco Oehrl
A notice: This article does not constitute investment advice or a solicitation to buy or sell any asset. Nor does it purport to predict the development of the XRP price. It is only a subsequent comment on the XRP development, which is intended to inform Ripple investors about the latest crypto news and the technical starting position of the XRP / USD.
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