Ripple Price Forecast: XRP Completes 50% Fibonacci Retracement, Brace for Buying! - Forex News by FX Leaders
Ripple Price Forecast: XRP Completes 50% Fibonacci Retracement, Brace for Buying!

Ripple Price Forecast: XRP Completes 50% Fibonacci Retracement, Brace for Buying!

Posted Monday, April 19, 2021 by
Arslan Butt • 2 min read

XRP/USD closed at 1.40794 after placing a high of 1.56266 and a low of 1.16193. XRP/USD extended its losses and dropped for the fourth consecutive session on Sunday after SEC targeted Ripple’s foreign partners. Over the weekend, a letter motion was submitted to Judge Sarah Netburn by Ripple’s lawyers claiming that the SEC was trying to obtain documents from its partners overseas. The letter suggested that the Commission had made at least 11 MoU requests to other foreign regulators requesting documents from Ripple’s foreign partners.

Ripple asserted that the SEC was trying to bully its partners into cutting ties with them and it requested  the court to stop the Commission from conducting any discovery outside its jurisdiction. Ripple also accused the SEC of violating federal rules by refusing to disclose its communications with other foreign regulators fully. These developments in a lawsuit against XRP by SEC drove XRP prices on the downtrend. The losses in XRP/USD escalated further following the recent decline in the cryptocurrency market over the weekend, likely to be driven by the Turkish ban on cryptocurrency transactions.

The recent crash in the cryptocurrency market drove BITCOIN prices below $52000 level and ETHEREUM prices below $2000. XRP/USD also followed the market trend and fell below 1.1700 level from above 1.5000 level. Ripple prices declined by about 23.35% in just four days and reached below 1.1700 level from the highest 1.88408 level.

Ripple Price Forecast: XRP Completes 50% Fibonacci Retracement, Brace for Buying!

XRP/USD Daily Technical Levels

Support Resistance
1.49696 1.62757
1.45342 1.71464
1.36635 1.75818
Pivot Point: 1.58403

XRP/USD traded bearishly at 1.4416, bouncing off the 50% Fibonacci retracement of 1.2755. The pair is likely to gain support at 1.2755 level and a resistance level of 1.6286 level. The MACD and RSI are suggesting a bullish trend. The violation of the 1.2755 level can open further room for buying until 1.6286 level. At the same time, the violation of the 1.6286 level can lead the pair towards the 1.9926 level. For the moment, the idea is to hold on to the buy position over the 1.2755 level. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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