Ripple XRP Chart (daily)
Investing.com – is currently undergoing a similar mild correction. Accordingly, the native cryptocurrency lost around 6.4% of its value on Tuesday and was last traded at a price of 1.1967 dollars. The daily high offers immediate resistance at 1.2219 while the daily low was formed at 1.1212.
Ripple: Daily chart
The token remains well supported on the Ripple daily chart as the 78.6% Fibonacci retracement of the 0.5175-1.3480 movement held at 1.1702 on a daily closing price basis.
Meanwhile, the RSI is in the overbought territory at 72.81, suggesting a continuation of the consolidation / correction.
Should the 78.6% Fibonacci retracement of 1.1702 on the daily closing price basis be broken, the downward correction can be extended to the 61.8% Fibonacci retracement of 1.0307.
On the other hand, if there is a daily closing price above the recent high of 1.3480, further gains will be in the direction of the 123.6% Fibonacci extension of 1.5440.
Ripple: XRP / USD hourly chart
On the hourly chart, the XRP price reached its low for the day at 1.1212, which simultaneously tested the 50% Fibonacci retracement of the upward movement from 0.9246-1.3480.
This retracement is at 1.1363 and should it break the downward correction to the 38.2% retracement of 1.0863 and the 23.6% retracement of 1.0245 can continue.
Meanwhile, the RSI has rebounded from overbought conditions and at 43.38 there is scope for short-term gains.
A spurt above the 78.6% Fibonacci retracement at 1.2574 opens the door for a test of the recent high at 1.3480. In addition, the upward movement to the 123.6% Fibonacci extension of 1.4479 can be driven forward.
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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