XRP/USD Bears In Control


Trading Ideas


XRP/USD Bears In Control

The currency pair has lost almost six percent in the past 24 hour. Ripple seems to develop its downside tendency, started on weekend. XRP/USD corrected on Tuesday, but resumed downtrend later. The currency pair develop its downside tendency in the moment of writing.

Let’s have a closer look at what is going on the Hourly chart. The currency pair has reached the resistance area at $0.5643 on Tuesday but buyers were unable to hold this level as XRP/USD retreated later and reached the support area at $0.5444. Ripple is testing this level in the moment of writing. The possible ways for XRP/USD are the following:
1. Red scenario ( bearish ). Ripple will break through the support area at $0.5444 and move lower, targeting the next support area at $0.5088.
2. Orange scenario (neutral). The currency pair will stay within the current range, limited by the resistance area at $0.5643 and the support area at $0.5444.
3. Green scenario ( bullish ). XRP/USD will break through the closest resistance area at $0.5643 and run higher, targeting the next resistance area at $0.5914.

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