In the technical analysis of September 22, 2018, I was saying: "To consider the 100% exit from the bear market, the XRP / USD price should remain above $ 0.42." After the huge volumes traded in the last days and the magnitude of the upward movement, I think the fund has been reached at 0.25 usd. "As you can see, after executing a bull that has reached a maximum price of 0.80 USD, c & # 39 It was a correction that did not fall below 0.42 usd, which means that the exit from the bear trend has been confirmed. At the same time Bitcoin it remains stable on the support area at 6000 USD.
Undoubtedly, Bitcoin is also preparing for a break of the downtrend line and the exit from the bear market. The biggest surprise came from Swell. Considering this news, in the next period (EOY), the evolution of the XRP / USD price it can be greatly improved. Many investment funds have prudent buying strategies. What does it mean? These investment funds will not acquire a digital business unless there is a confirmation that the product is good. The news from Swell is the confirmation they needed buy XRP. It should be noted that recently the volumes traded were very high, which means that some of the institutional buyers bought XRP.
XRP / USD – resistance lines: XRP / USD – support lines:
R1 – 0.60 U.S. dollar S1 – 0.42 usd
R2 – 1 U.S. dollar (psychological) S2 – 0.36 usd
R3 – 1.2 usd S3 – 0.25 usd (bottom)
I have noticed that many people are disappointed that Swell's news has not had a major impact on price increases. Sometimes the news does not have the impact we expect. I think of the short term evolution XRP price it's less important. This news, as well as the fact that we have left the bear market, will determine the appreciation of the XRP price in the next period. Naturally, the moment when a new upward movement in the XRP / USD price is made is difficult to predict.
What will happen on XRP / USD next week?
Each capital market has three cycles. They are: the bear market, the accumulation period (consolidation), the bull market. XRP can not make an exception to this rule. The XRP can not go directly from a bear market to a bull market. The accumulation period we have entered is absolutely necessary for a future bull movement. Next week I expect a lateral consolidation move. The XRP / USD trading range will be between 0.42 and 0.60 USD. In the area of 0.60 USD a resistance area (R1 per chart) was created. Because of the news, it is quite unlikely that the XRP / USD price will fall below $ 0.42.
At this point, the demand is in balance with the offer. Do not forget: when the level of demand will be higher than the offer, we will divide R1-0,60 usd and go up to the next resistance zone from R2 -1 usd. This could happen in a few days or in a few weeks.
Remember: the longer the accumulation period, the next bull run will be more impulsive.