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Home Altcoins

Price Analysis: XRP Breaks Crucial Support on 3.618 Fib

by Khalid Lawal
July 11, 2019
in Altcoins
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XRP Liquidity on Bitso Exchange Heading to Break All-Time High
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The altseason is yet to surface or give any signal as most altcoins remain in red with the like of Ripple XRP lagging far behind after a cut-throat dip below the crucial support.

In the last 24 hours, XRP has lost massively from its value against USD. The altcoin dropped from an opening price of $0.38 to around $0.33 at press time.

XRP and other altcoins in the market followed Bitcoin’s trend after the king of crypto lead the way into dip from its $13,100 monthly high price. XRP, in its own rally, initially broke the Mirror Level $0.37269 before trending downward to a lower price.

The altcoin further rallied downwards breaking a crucial support around $0.35 with a massive sell of around this point, causing further devaluation on the chart.

XRP is exhibiting a pattern similar to the previous dump. Analyst carltonzone on Trading View deciphered that after constructing a new fib analysis from May 15th high point to June 19th low, it was observed that the altcoin dumped when the candle made it to exactly 3.618 fib circle boundary.

XRP price to $0.29

Image Credit: Trading View

Looking at the present trend of the altcoin, XRP is sitting in the space between 2 fib circle boundaries. This signals that there could be another 2-part dump as it heads towards the next line downhill.

On the chart captioned by the trader, 3 higher highs and 2 higher lows have been formed after May 15th peak, but the present dump presented by XRP against USD has negated the progression, taking us aback to May 9th low value.

While we wait for the real base or support level, signs from the 1D chart reveal that the next stop would likely be around $0.29 or a stop hunt around $0.28 as the altcoin broke a major level of the psychological support.

If XRP fall down as predicted, we could be staying in that region for a long time before another upward rally.

Tags: Riplle Price PredictionRippleRipple Price AnalysisRipple XRP price analysisXRPxrp priceXRP Price AnalysisXRP Price Prediction
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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

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