Revisiting XRPUSDT after our last bullish forecast

10 Ağu 2023

Introduction and Context:
💎Since our last analysis of #XRPUSDT, there's been a lot of speculation about the next moves for #Ripple. A month has passed since the pullback, and it's time to delve into the price action once more.

Understanding Key Zones:
💎The previous supply zone around $0.6 has transitioned into a demand zone. This shift indicates that this area might attract buyers.
Conversely, the supply near $0.9 has been staunchly defended by bears. This sets the stage for a trading range with support at $0.6 and resistance at $0.9.

Fibonacci Insights:
💎The price has touched the 61.8% Fibonacci level, a common retracement point. This is significant as it often indicates potential future price movements.

Trend Analysis:
💎The prevailing trend for #XRPUSDT is bullish, characterized by higher highs and higher lows. Given this trend, there's a higher likelihood that the price might ascend again, targeting the $0.9 supply zone.

Potential Downward Movements:
💎If #XRP were to break below the demand zone, we could anticipate a drop towards the 88.6% Fibonacci support level at $0.47. This could be followed by a period of consolidation before any potential uptrend continuation.

Bullish Outlook Invalidation:
💎A significant bearish indicator would be if the price breaks below the $0.41 support. This level is crucial as it's where #XRPUSDT previously bounced off both the uptrend trendline and the 200 Simple Moving Average. It also represents the previous lower low. Unless a new lower low is established, the outlook for #Ripple remains bullish.