The price action of XRP dropped with a strong move and found strong support at $0.60. This previously has been working as a very strong resistance. There is also a very strong from $0.60 to $0. 40 .
On the weekly time frame, If we place the simple moving averages with the time period of 50, 100, and 200, then it can be seen that we have the strong support of these moving averages between $0.60 to $0. 40 . Therefore, there is a very strong support structure price level and the simple moving averages below the . Right now the priceline is being accumulated above the 50
Stoch and MACD:
On the weekly time frame it can be clearly seen that the oscillator has entered the oversold zone. That is a clear signal that the market has been oversold. But if we take a look at the moving average convergence divergence ( ) indicator, then it is giving strong signals. Once the will give the signals then there is a strong possibility that is will also start moving up and we can expect a very powerful rally towards the upside until the will enter the overbought zone like it has done this previously.
In the long-term weekly time frame chart, the price action of XRP has completed the final leg of . There is also 25 support in the buying zone and 50 below the buying zone. As per the Fibonacci sequence the buying and sell targets of this can be as:
Buy between: $0.8586 to $0.5573
Sell between: $1.09 to $1.66
The maximum extent of the potential reversal zone to $0.5573 can be used as stop loss. As per the above targets, this trade has a profit possibility up to 195% and a high loss possibility of 36%.