How many times does 0.20 need to get rejected?

Fibo Quantum

  • Ripple trades 0.61% higher on Monday as sentiment turns south.
  • This is the fourth time 0.20 has been tested and rejected in a short space of time.

XRP/USD 1-hour chart

Ripple had been trading higher over the last week but once again the 0.20 psychological level has stopped the bulls in their tracks. The hourly chart below shows the many attempts the bulls have made to try and take out the level. Since the price has moved lower it would be wise to look at some of the key support zones. the blue trendline is currently being tested and if it does break to the downside the orange 0.1920 level could provide some support. 

Beyond that, the 0.29 psychological support is next followed by 0.1820. On the upside, if by some miracle the bulls do take out 0.20 then the next resistance is the consolidation high at 0.2060. Looking at the relative strength index indicator now, the signal line has just dipped below the midpoint. This could indicate some bearishness is on the way but a break of the blue trendline could be the confirmation.

Additional levels