XRP is down 5.33% to $1.14 in 24 hours, retracing its steps after completing the second bottom book which hit its real price of $1.29. The strategy played out exactly as we expected, and the $1.29 target reached the closest cent before the retracement.
One expert said that the model is now over and the price tag has been met. The move is complete.
Why the Pullback Happens
Two factors are driving the current decline. XRP was briefly bought during the rally to $1.29 and is now fading to higher readings. In addition, the indicator has been broken below the $ 1.18 to $ 1.19 level that briefly existed as a support, removing a layer of high price.
A break below $1.18 is a sign that the long term has changed. The next level of support is now $1.13, the same weekly support that has been going through the rest of the bear market.
Important Sections
$1.13 is the most important line right now. It has always been a great support and remains a place that cows need to protect. A definite break and close below $1.13 would open the door to the next major support between $0.90 and $1.00, a significant drop from current levels.
The upper resistance is around $1.30. That level must be corrected and handled before any effective recovery can begin.
The long term change has not changed. XRP is holding above $1.13 at the moment but the bigger picture is unclear. There is no confirmation of a downward spiral and the weekly chart has yet to produce the kind of signal that would indicate the end of the bear market.
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