xrp/usd faces strong support at 0.85, break below confirms bearish continuation
- Major support – 0.85 (Jan 16th low).
- XRP/USD was declining sharply after forming temporary top around 1.7190 on Jan 18th 2018. The pair declined till 0.9860at the time of writing. It is currently trading around 1.00790.
- Ripple shown a minor recovery till 1.40600 and any minor bullishness can be seen only above that level. Any break above 1.410 will take the pair till 1.60/1.7190. Short term bullishness only above 1.7200.
- XRPUSD should close above 1.7245-1.75 (61.8% retracement 2.25 and 0.85) for further bullishness. Major resistance at 2.25 high made on Jan 11th 2018 and break above targets 3/3.31. Overall bullish continuation above 3.31 (Jan 4th 2018).
- In the 4 hour chart, RSI is showing over sold level and a slight jump can be used for selling opportunity.
- On the lower side, near term support is around 0.85 and any break below targets 0.61/0.50.
It is good to stay away from market till breakout happens
Source: FXWire Technicals