Red lines- Fibonacci retracement levels
Green line- resistance trend line
XRPUSD is trading around $0.50-$0.52. Short-term trend remains supported as price has re-visited the 38% Fibonacci retracement resistance of the decline from $0.9094. So far price has already visited the 38% retracement at $0.5250 and last time it got rejected. A Daily close above the 38% is what bulls are looking for. Another rejection at the 38% retracement level would be a sign of weakness and a bearish sign. This would increase chances of a pull back towards $0.40 or lower. It is imperative for bulls to push above the Fibonacci resistance to new short-term higher highs for this trend to continue.
