XRPUSD: Ripple Surges Straight into Fibonacci Resistance
Ripple’s XRP is today’s biggest gainer of the top ten cryptocurrency assets, as traders added to their long positions. Rippel’s price has now recovered almost 61.8% of the 32.75% slide from the September 18 high of $0.3268. Other cryptocurrencies such as Bitcoin (BTCUSD), and Bitcoin Cash (BCHUSD), are also higher but the moves remain corrective against the last few month’s declines.
As for Rippel (XRPUSD), today’s rise in price it not much more than a strong correction, but as other key crypto assets are getting ready to catch up it might lift XRPUSD even further, and the price might be able to reach the fourth Fibonacci correction level at $0.30.
Download our Cryptocurrency Q4 Outlook Today!
[vc_single_image image=”14654″ img_size=”medium” alignment=”center” style=”vc_box_rounded” onclick=”custom_link” img_link_target=”_blank” link=”https://www.investingcube.com/q4-global-market-outlook-eurusd-gold-crude-oil-bitcoin-sp-500/”]Looking beyond the near-term price action, the trend is firmly bearish below the September 18 high of $0.3268 as it is the latest swing high, and the price will need to take out this level to stop the series of lower and lower highs. At this point, that looks unrealistic, and rippel’s price might trade back to the 38.2% correction level at $0.2557 in the weeks ahead. However, if the price manages to take out the September 18 high then it will probably conclude the last few month’s downtrend and the price could rise to the July 5 low of 0.3763.
Tactically, I suspect traders that bought on the lows two weeks ago will book 50% of their long position at current levels and close the rest of the position at $0.30. As for bearish traders they will probably hold of with entering new positions until we reach $0.30, and they will probably use signs of BTCUSD topping out to confirm the price action in XRP/USD.