What's up traders, straight into the analysis!
Here we are analyzing XRP/USD on the 1D chart.
We have been keeping a close eye on Ripple recently, as price peaked after a corrective move on 18th January 2018 at 1.6850. Since then, price has begun trading within a descending resistance structure.
At current, price is trading at 0.7760, whilst approaching a very nice horizontal support structure. At the support zone, there is also potential for the 200 major moving average to be a support, which implies when price bounces into this zone, we could see a nice upside reversal to the highs. If price breaks at this major support, this would show some quite serious concern for Ripple, we breaking such a strong support would show a shattering weakness in the pair.
Price will eventually pick up some momentum. Ripple needs to break the side-wards resistance structure at 0.9100, before any real upside pressure will be felt. If price breaks below the horizontal support at 0.7220, then it could break very low, into the major lows of 0.20 (although unlikely it's key to keep an open mind).
Bare in mind, that a break below the first support is bad news. And Ripple will become enslaved into a technical downtrend where fundamentals could be shoved until the technicals "come into play".
I will update this analysis when I receive above 40 likes.
Here we are analyzing XRP/USD on the 1D chart.
We have been keeping a close eye on Ripple recently, as price peaked after a corrective move on 18th January 2018 at 1.6850. Since then, price has begun trading within a descending resistance structure.
At current, price is trading at 0.7760, whilst approaching a very nice horizontal support structure. At the support zone, there is also potential for the 200 major moving average to be a support, which implies when price bounces into this zone, we could see a nice upside reversal to the highs. If price breaks at this major support, this would show some quite serious concern for Ripple, we breaking such a strong support would show a shattering weakness in the pair.
Price will eventually pick up some momentum. Ripple needs to break the side-wards resistance structure at 0.9100, before any real upside pressure will be felt. If price breaks below the horizontal support at 0.7220, then it could break very low, into the major lows of 0.20 (although unlikely it's key to keep an open mind).
Bare in mind, that a break below the first support is bad news. And Ripple will become enslaved into a technical downtrend where fundamentals could be shoved until the technicals "come into play".
I will update this analysis when I receive above 40 likes.
