Home Crypto Crypto Market Analysis XRP/BTC Up Channel, Can We Buy It?

XRP/BTC Up Channel, Can We Buy It?

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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.

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