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Ripple (XRPUSD) takes out support at 0.2290

24 Sep, 2020

Late yesterday evening as the US equity markets were sliding into the close the price of Ripple (XRPUSD) broke below an important support level that had been highlighted here many times previously. That was at 0.2290 and the break below this price point did as expected and delivered some quite rapid stop loss, and fresh system based selling. The move lower extended to as low as 0.2196 earlier today during the Asian session. It has now rebounded a little ahead of the European opening today. The price has rebounded back above 0.2240 but all the while it remains camped below 0.2290 then it is likely to remain under pressure. However, the outlook is not necessarily that bleak because there is also a major trend line support level that may yet cap this downside run. That comes into play today at 0.2160. The 50% retracement of the whole move up from 0.1141 to 0.3273 has also been met today. That is at 0.2207 and it is also possible that in the longer term the correction lower could have now concluded. That needs further confirmation of course and so today is a potentially important directional day for Ripple

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