Ripple Price Gets Rejected at $0.2000; Could This Be a Pullback or a Reversal?

Ripple price XRPUSD
Ripple XRPUSD

Ripple price has not gathered the bullish momentum that it needs to rally past $0.2000. On the daily time frame, it can be seen that XRPUSD has recently gotten rejected at the major psychological handle. What could be next for the cryptocurrency?

It would look like it is close to trading at its near-term support. When you connect the highs of April 30 and June 2, you can see that the area around $0.1870 coincides with the previous falling trendline for ripple price. Additionally, when you draw the Fibonacci retracement tool from the low of June 27 to the high of July 9, it can be seen that this price also coincides with the area around the 61.8% Fib level. Reversal candlesticks around this level could mean that XRPUSD may soon retest its recent highs at $0.2115.

On the other hand, a strong bearish close below this level could mean that there is more downside potential ahead for the currency pair. XRPUSD could soon fall to its June 27 lows at $0.1691.

Alternatively, it’s worth pointing out that a hammer has formed at the 100 SMA. This could suggest that buyers may already be look to push ripple price higher.

Ripple Price, Daily Chart

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