Lose momentum or gain power?


The market is currently in a short-lived side stage until the Bitcoin chart decides otherwise.

We can see that BTC is consolidating at the moment in what appears to be a triangular formation that is about to break at any moment and that will represent short-term market direction.

The XRP is trading at the same intervals that we had during our last analysis between the resistance level of $ 0.37 – $ 0.395 and the support level of $ 0.324 – $ 0.31.

Looking at the 4-hour XRP chart

  • As we expected in our last analysis, XRP retested the current channel highs to $ 0.373 and again refused.
  • At the moment XRP is trading at $ 0.348 price level which is the central part of the channel range, and there is a good chance that XRP will repeat the support level of $ 0.324 – $ 0.31 after the rejection from the resistance level.
  • The volume of exchanges is decreasing while XRP is consolidating in the central part of the channel, this is a good sign that a shift towards one of the edges of the channel is coming and correlates with the current short-term analysis of our BTC.
  • As we mentioned in our last analysis, the resistance level of $ 0.40 is the main level on which we want the XRP to stop. This price level was the peak of the first XRP rally in May 2017 and has since acted as a high price level.

Be patient and do not overdo it

BitStamp XRP / USD 4-hour chart

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