Last Tuesday we analyzed XRP and mentioned that the 38% Fibonacci level could be key in the price of this cryptocurrency, breaking it down would imply a strong movement and the beginning of a downtrend. Unfortunately this scenario has happened.
While 38% seemed to be a good support along the trend line, these levels were quickly lost due to the few purchase orders in that area. We are currently over $ 0.223 with the possibility of saying going down at any time.
Although the price is bouncing above 50% fibonacci this is not a very reliable level for a change in uptrend. S1 over $ 0.21 is a more important support and that we should consider.
In the previous analysis we mentioned that there was still no entry signal on the pivot point of the week, the price actually began to fall from $ 0.236 to $ 0.214, around 9.8%.