XRP/USD has bounced from $0.64 to $1.05 and is now pulling back. Price has so far retraced 38% of the upward move from $0.64. Price has back tested the major support and previous major resistance and break out area. Bouncing off this area is an optimistic sign for what could come next for XRP/USD.
Blue lines -Fibonacci retracements
XRP/USD as we said above has retraced 38% of the recent upward move. Price could continue its slide lower towards the 61.8% Fibonacci retracement. Resistance is at $1.05 and as long as price is below it, price is vulnerable to a move lower. If bulls manage to break the resistance of $1.05, then our first target would be at $1.28 and next at $1.50. Price could be very close to an important trend reversal and the formation of a major low. The decline from $1.97 could already be over. However this is not verified yet and so traders need to be cautious.
