After the XRP price reached our short-term bullish target of ±$0.35, it is now on its way to reach our correction target of ±$0.2!
In our last XRP Price Forecast on the 27th of August we wrote:
„ In the weekly chart, the months long downwards trend of XRP becomes apparent. Ripple’s price formed a “lower high”, confirming the bear trend. Nevertheless, the enormous increase in the trading volume is to be viewed bullishly. But still, the MACD’s histogram is having a bearish development here as well. Should the 0.382 Fib support not hold at ±$0.2631, XRP’s price could return all the way back to the golden ratio support at ±$0.2. “
Ripple Price Forecast – On the way to the golden ratio at ±$0.2?
Short-term the XRP price found support at the 0.382 Fib level at ±$0.2631, but a few days later the price bearishly broke through the support. Currently the XRP price finds support at the 200-Daily-EMA at $0.23415, should this support bearishly fail as well, the XRP price would fall back to the golden ratio resistance at $0.2. Should this level also fail, XRP would find horizontal support between $0.125 – $0.167.
Looking at the MACD, whose histogram started developing bullishly again, and whose lines could be about to have a bullish crossover soon, the XRP price could soon have a strong upward correction. At the latest, the RSI should have reached oversold regions once again after reaching the golden ratio, which could lead to the XRP price having a strong bounce upwards.
Ripple Price Forecast – Things look less positive in the weekly chart!
The weekly chart however showcases the bearish lookout awaiting XRP in the middle-term. The histogram has had a bearish development for several weeks, while the MACD lines stand right before a bearish crossover. Additionally, the XRP price seems to be up for a bearish rejection at the 50-Weekly-EMA at $0.244.
The XRP price has already fallen by 30.30%, since reaching its local high around $0.33. The XRP price could soon fall lower, to find support at the golden ratio at ±$0.2.
However, because of the bullish daily charts, XRP could in the short-term rise to the 0.382 Fib level at $0.26321.
Significant resistance still lies ahead of XRP between $0.32767 – $0.3677.
The MACD lines had a bullish crossover on the monthly chart, and the histogram keeps on bullishly ticking higher. Nevertheless, the current developments hint at a continuation of the correction.
But should the Bitcoin price rise, it would give a push to the XRP price as well! Therefore, it is essential to keep an eye on the Bitcoin charts, and watch whether BTC can hold the important $10,000 support or not!
A possible scenario could be that the XRP price falls down to the golden ratio at ±$0.2, have a strong bounce there and move up toward the resistance between $0.32767 – $0.3677 once more in order to break it.
The chances to establish a high above $0.33 during the ongoing year are still there!
The XRP price is struggling against Bitcoin with the significcant resistance of the 200-Daily-EMA at 0.0000244 BTC, which lies right below the 0.382 Fib level at ±0.00002473 BTC. XRP currently finds support at the golden ratio at ±0.00002258 BTC.
Otherwise, should XRP fall through the golden ratio at ±0.00002258 BTC, significant support would await it between 0.00001277 – 0.00001875 BTC!
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Best Regards and successful trades
Konstantin