XRP Faces A Rally Possibility in The Short Term
The XRP/USD pair is still dropping and showing signs of even bigger downtrends to below $0.2650. The pair hit the $0.2240 support zone, but there is also a likelihood of positive retracement in the near term.
Recently, the asset dropped significantly from $0.265, breaking several support zones near $0.2500, and 0.2450 thus setting a short term plunging-trend.
Later the pair continued to break beneath the 0.2350 support and settled below the 100 hourly SMA. This severe drop led to a plunge under $0.2280.
After the plunges, the asset was stable at the $0.2240 support level, and its currently trying to consolidate losses.
The pair’s hourly chart is displaying the formation of a possible contracting triangle, which has set barriers at $0.2300. Any surge past the barrier may create a path towards the retracement to $0.2400 and $0.2450.
The closest barrier is at $0.2365; therefore, XRP/USD pair should surge past the $0.2450 and $0.2500 barrier to trigger even more enormous growth shortly.
Any failure to move past the barriers at $0.2300 and $0.2365 will leave a big chance for more plummets. The current major downside support is $0.2240.
Any breaks under $0.2240 and $0.2232 will drive the price to drop to $0.2200, and any further declines could cause the price to drop to $0.2050 in the short term.
by Wayne Jones
by Olowoporoku Adeniyi
by Olowoporoku Adeniyi