Ripple Resumes Climb After 0.206 Resistance: XRP/USD Weekly

SallyHo
SallyHo
Apr 18, 2020 at 2:02 AM
In this Weekly chart of Ripple / United States dollar (XRP/ USD), we can observe a depreciating range from 0.5175 to 0.1105.

We can also observe that the market then appreciated to the 0.206 level (identified by the yellow down arrow), just below the 23.6% retracement of the depreciating range at the 0.206552 level.

Additionally, we can observe that XRP/USD then depreciated to the 0.1791 level, just below the 9-week Simple Moving Average.

We can observe that the 0.1791 level was just below the 0.183462 level, representing the 23.6% retracement of the appreciating range from 0.1105 to 0.206. 

If XRP/USD resumes its depreciation, price retracement levels below the current market include the 0.169519 (38.2% retracement), 0.15825 (50% retracement), 0.146891 (61.8% retracement), and 0.130937 (78.6% retracement) levels.  The pair's medium-term range has been lower.

If XRP/USD resumes its appreciation, price retracement levels above the current market include the 0.265974 (38.2% retracement), 0.314 (50% retracement), 0.362026 (61.8% retracement), and 0.430402 (78.6% retracement) levels.  An appreciation would represent a countertrend move.
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