- Ripple is trading 5% higher as cryptos bounce back.
- The price is still at very depressed levels and there is much to do before confidence returns.
XRP/USD daily chart
Ripple has not had the best time over the last month or so. Looking at the chart now the price is doing its best job trying to find a base. The price capitulation stopped at 0.1100 but at the moment, at an intraday level, the price is finding hard to close above 0.1600. The pain resistance stands at the psychological 0.2000 level.
On the downside, the 138.2% Fibonacci level has provided the main support. On the chart, at the lows, the volume has really picked up. This can be a good sign the market is backing the move higher from here. Further confirmation is needed like a close above the consolidation high with decent volume. Catching a falling knife is never a good idea so be careful with long positions.
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