Ripple to Retrace Towards $0.70 Event Area Again?


Ripple has been struggling to continue its bullish momentum over $0.7730 to $0.78 price area. Ripple to retrace further lower towards $0.70 psychological event area again in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XRP/USD Technical Analysis. 

August 3, 2021, | AtoZ Markets – Ripple price fall today morning during the Asian session after rejecting $0.75 to $0.74 intraday resistance level. Ripple is currently trading around $0.7130 price area and trying to push downside. However, XRP/USD has become extremely volatile and still residing inside the range of $0.78 to $0.70 price area. As per the current price action, the price may face strong support around $0.7080 to $0.70 price area in the coming days.

Ripple May Retrace Further Lower

XRP/USD is currently residing near $0.7130 price area and trying to continue further lower. Moreover, the price broke below the last daily candle’s low and had a 4-hour bearish candle close below it.

Ripple May Retrace

Image: XRP 4 Hour Chart

According to the 4-hour chart, Ripple is currently trading around $0.7130 price area and may retrace further down. As per the current scenario, the price may decline towards $0.7080 to $0.70 support area in the process. So, if the price retraced towards $0.7080 to $0.70 support area and bounced upward with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $0.74 to $0.75 price area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing over the price. So, there is a high chance that the dynamic level may pull the price higher as a mean reversion. Along with this, the Stochastic Oscillator lines are currently residing near the oversold level 20 and may have a bullish intersection. It indicates that the bulls may regain momentum in the days ahead.

XRP May Continue Further Downside

According to the daily chart, Ripple is currently trading around $0.7130 price area and may retrace towards Fibo level 50 in the process. As per the current price action, if the price can break below $0.7080 to $0.70 support area with an impulsive daily bearish candle, the price may retrace towards $0.65 to $0.64 price area in the coming days. So, if the price retraced towards Fibo level 50 and bounced upside with a daily bullish candle, the bulls may push the price higher towards $0.70 to $0.7080 price area as a first target. The second target will be $0.7730 to $0.78 price area if the price can break above $0.70 to $0.7080 price area in the days ahead.

Ripple May Retrace

Image: XRP Daily Chart

In addition, the dynamic level of 20 EMA is currently residing near the Fibo level 61.8, which may hold the price as strong support. However, a daily close below the dynamic level may indicate further downward retracement.

To conclude, after an impulsive bullish momentum, the price may retrace downward at least 50% of the total bullish move. An impulsive daily close is needed to identify the definite momentum in the coming days.  

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