Trend Line Support on XRPUSD Held
Yesterday, ripple price traded higher. XRPUSD found support at the rising trend line (from connecting the lows of January 26, January 27, and January 28). There was a slight sell-off during the Asian session when ripple price gave up its gains, however, there were enough bids at $0.2330 to push XRPUSD to $0.2400.
As of this writing, the trend line still looks intact. Drawing the Fibonacci retracement tool from yesterday’s low to its intraday swing high, we can see that it now coincides with the 50% Fib level. Reversal candles around the confluence of support around $0.2360, could indicate that ripple price may soon rally to the $0.2500 handle.
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Potential Resistance at Previous Highs
However, be warned of a bearish close below the trend line around $0.2340. A look at the 4-hour chart reveals that XRPUSD is also testing resistance at its previous highs. On January 14 and 20, ripple price peaked at $0.2400 handle. A break of trend line support could indicate that there are still enough sellers around this price. It could then mean that XRPUSD may soon fall to its January 25 lows around $0.2175.
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