Assessing if XRP has potential to rebound from this defending zone

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

The 61.8% Fibonacci level held up quite well to propel a strong reversal in favor of the bears. As a result, XRP’s previous up-channel breakdown transposed into a down-channel (yellow) trajectory in the past week.

Meanwhile, the buyers found a close above the basis line of the Bollinger Bands (BB) while inflicting a breakout of the down-channel. But the 23.6% Fibonacci level has suppressed the recent buying pressure.

A close above or below the basis line of BB would be critical to determine the upcoming moves. At press time, XRP traded at $0.3155.

Source: TradingView, XRP/USDT

The recent down-channel movement forced XRP to drop below some vital price points that the coin reclaimed last week. The alt marked an over 16% retracement from 8 July and matched its three-week low on 13 July.

Over the last day, the altcoin rebounded from the 16-month support near the $0.3-mark. But the 23.6% Fibonacci resistance eased the breakout push above the down-channel.

With the 50 EMA (cyan) posing recovery hurdles, the recent pullback could aid the sellers in retesting the upper trendline of the down-channel. In this case, XRP could eye to bounce back from the $0.31 zone in the coming sessions.

The Point of Control (POC, red) could lay a foundation for the buyers to step in and retest the 23.6% level near the $0.324-mark. An immediate recovery above the basis line would help the buyers test the 23.6% level in the $0.32-region. 

Source: TradingView, XRP/USDT

The Relative Strength Index (RSI) continued to display a mild bearish bias after failing to sustain itself above the midline. A continued plunge could delay the