XRPBTC – Forex Academy

Ripple (XRP)

Market Cap: $21.69B

Circulating Supply; 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $412.65M

XRP/USD = $0.55050

Technical Analysis

The rate dropped on the daily chart, but it has found a bottom at the 0.000069000 level and now tries to climb higher again. XRP/BTC failed to reach and retest the mentioned low, signalling that we may have a rebound. The price increased a little but failed to stay above the 0.000100000 psychological level.

The crypto pair has failed to reach the previous lows so the behaviour could change in the short term. However, we still need a confirmation that the rate will increase again.

You can see on the Daily chart that the rate has failed to stay below the median line (ML) of the descending pitchfork and is now trading above it. It has retested it and closed much higher signalling that the buyers could step in again in the short term.

XRP/BTC remains under some pressure as long as it is trading below the sliding parallel line (SL) of the descending pitchfork. Price is trapped within an up channel, so it is somehow expected to climb towards the upside line as long as it stays above the downside line.

You can notice that it has failed to reach and retest the downside line and the lower median line (lml) of the ascending pitchfork. Right now, it is trying to take out the 50% Fibonacci line of the ascending pitchfork to be able to climb at least to the previous high.

Conclusion

Personally, I believe that we may have a significant upside movement if the rate will really manage to make a valid breakout above the inside sliding line (SL) of the descending pitchfork and above the 50% Fibonacci line of the descending pitchfork. The major target will be at the upside line of the up channel and at the upper median line (uml) of the ascending pitchfork.

Ripple (XRP)

Market Cap: $26.18B

Circulating Supply 39.24B XRP

Max Supply: 100B XRP

Volume (24h) $397.67M

XRP/BTC Technical Analysis

XRP/BTC increased and maintains a bullish perspective in the short term. It remains to see what will really happen in the upcoming period because the crypto market is still weak. The rate dropped in yesterday’s trading session as the crypto market dropped further.

The price rebounded in the short term after the failure to reach the previous lows. The rate has managed to break out above some very important resistance levels and now is struggling to reach new highs.

The rate has made a false breakdown below the 150% line of the descending pitchfork signalling that we may have an oversold situation. It has moved sideways on the short term but now has started an upside movement after the breakout above the WL1 of the descending pitchfork.

The perspective will remain bullish in the short term as long as the rate stays above the 150% Fibonacci line of the minor ascending pitchfork. The next upside obstacle is at the 61.8% Fibonacci level, so we need a breakout above this level so we can think of a further increase.

It looks bullish in the short term, you can see that the price failed to retest the minor red uptrend line, signalling that the buyers are strong.

Conclusion

We can go long on this crypto pair if it will close above the 0.000091050 yesterday’s high and we can place a stop loss below the 0.000073170 low. A valid breakout above the 61.8% level will send the rate towards the 50% line and maybe towards the median line (ml) of the ascending pitchfork.