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- After days in the positive region, Xrp is preparing to drop 19% before recovering.
- The Fibonacci retracement tool confirms the sell signal on a daily chart.
It would appear that the price of XRP is showing signs of a potential retracement before bouncing to the upside in the short term. Indicators show that the impending bearish momentum could see it drop as low as $ 0.27 before it takes off.
XRP on the verge of retracement before the next leg
On the daily chart, it appears that a price reversal of XRP is occurring as the sequential TD indicator presents a sell signal. If the price sustains the rally above $ 0.31, the bearish position will be invalidated, moving up to $ 0.33 or $ 0.35.
XRP / USD daily chart
Another indicator further strengthens this bearish outlook. A bearish move is expected as we see XRP drop to 61.8% or 50% on Fibonacci retracement levels before advancing further. This means that prices could drop to $ 0.27 or $ 0.26.
XRP / USD daily chart
On the other hand, if the market maintains some consolidation, a decent increase in buying pressure could turn things around, bringing the price back above the $ 0.31 zone.
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