We suggested traders not to chase the rally higher in our previous analysis. Our recommendation was validated as Ripple started a correction after reaching the intraday high on September 21.
(https://i.imgur.com/PJ1L4eD.png)
As the XRP/USD pair has broken out of the downtrend line and both moving averages have completed a bullish crossover, we believe that the trend has changed. Traders should now look for buying opportunities on dips. What are the key levels to watch out for?
The 50 percent Fibonacci retracement of the recent rally is at $0.51676, which has been acting as a strong support. If this level breaks, the correction can deepen to the 61.8 percent retracement level of $0.45832. If the new trend gains traction, the pullback should end at either of these two levels.
We will watch for the next couple of days and then take a call on a long position. Our bullish view will be invalidated if bears force the price below the downtrend line.
Source (https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-dash-price-analysis-september-24)