30 minutes ago
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Key Takeaways
- Rejected near $1.33, above the 100-day SMA.
- Back inside the channel, below the 200-day.
- Fell less than Bitcoin over 24 hours.
- $1.20 floor now doubles as channel midline.
The reversal arrived with a market-wide unwind of the post-midterm rally, detailed in our report on Bitcoin dropping under $76.5K. On the Binance daily chart, XRP traded at $1.25 at 16:37 UTC, down 3.91% on the day.
Out on Wednesday, Inside Again by Thursday
XRP had traded in a tight range near $1.25 for several sessions before Wednesday’s green candle broke it in one move. That candle cleared the 0.618 Fibonacci retracement near $1.26, the 200-day SMA at $1.2734 and the upper rail of XRP’s descending channel, then closed near $1.31, just under the 100-day SMA at $1.3117. The retracement levels in this analysis are measured from the August low near $0.99 to the late-August high near $1.70.
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