Ripple price analysis: XRP/USD dancing with the 38.2% Fibo, $0.28 is still unconquered
|- Ripple launches another assault on $0.28 short term resistance zone.
- Ripple price likely to settle with a narrow range between $0.28 and $0.27.
Ripple is forcing a recovery amid a generally bullish environment across the crypto space. Unlike Monday, the entire market is in the green. Leading the recovery on the day is NEO, EOS and Bitcoin Gold having corrected higher 2%, 1.35% and 1.23% in that order.
Following the return movement to the key support at $0.27, Ripple bulls have been on a mission to break the short term resistance at $0.28. However, limiting the gains is the 38.2% Fibo taken between the last swing high of $0.3153 to a swing low of $0.25 and the descending trendline.
The price is also below the 50 Simple Moving Average on the 4-hour chart currently at $0.2886 and the 100 SMA at $0.2920. According to the Relative Strength Index (RSI), Ripple will settle in the narrow range and trade sideways in the coming sessions. The range spans from $0.270 support to the resistance at $0.28.
XRP/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.