XRP/USD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• Ripple completes a 61.8% Fibonacci retracement near the $0.470 level, encountering strong resistance at $0.5426 and resulting in a significant decline.
• If a bullish reversal occurs, the cryptocurrency pair could aim for resistance levels at $0.4873 and $0.5051.
• Approach long positions cautiously above $0.5053 and short positions below $0.4700, as the breakout from this range will determine future price movement.

In terms of technical analysis, Ripple has recently completed a 61.8% Fibonacci retracement around the $0.470 level. The price faced strong resistance at $0.5426 on multiple occasions, leading to a notable decline.

However, there are signs of a potential bullish reversal as a bullish candlestick pattern formed near the 61.8% Fibonacci retracement level, indicating a potential increase in buying pressure.

If a bullish reversal occurs, the cryptocurrency pair could target the next resistance levels at $0.4873 and $0.5051. It’s important to note that other technical indicators on the daily timeframe show mixed signals.

The 50-day exponential moving average acts as significant resistance around the $0.5044 level, while the relative strength index (RSI) and moving average convergence divergence (MACD) are currently in a neutral zone.

Considering these factors, it is advisable to approach long positions cautiously above the $0.5053 level and short positions below the $0.4700 level. The breakout from this range will likely determine the future price movement, which will be discussed further in the upcoming forecast.

XRP/USD Price Chart – Source: Tradingview

XRP/USD – Trade Idea

Entry Price – Buy Above 0.46967

Stop Loss – 0.5292

Take Profit – 0.4339

Risk to Reward – 1: 1.65

Profit & Loss Per Standard Lot = +$59/ -$35