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In the last technical analysis, I said I expect a consolidation move, after which the price will rise to R1 $ 0.42. After the price tested the first resistance area R1 0.42 usd, a corrective wave would be followed. This was anticipated in the technical analysis two weeks ago. The price attempted to rise to $ 0.42, but a new resistance zone was set up at a price of $ 0.357.
The price tried to break this area three times, but eventually failed. This failure was also due to the influence of the Bitcoin price. Bitcoin has touched and tested the downward trend line, but as expected in the last technical analysis there has been no interruption. The price has been rejected by the downtrend line and a new corrective wave has begun.
Bitcoin's price previously had a strong support area of 6,000 usd. It is quite unlikely that the USD 6000 support area will be split, but let's not forget that we are still in a bear market, and panic can break any support area. If the support of 6000 usd is broken, Bitcoin could drop to 5000-5500 usd.
XRP / USD – resistance lines: XRP / USD – support lines:
R1 – 0,357 usd S1 – [19659005] 0.15 usd [19659002] R2 – 0.42 usd S2 – 0.10 usd (psychological)
R3 – 0.50 usd
What's happening on XRP / USD next week?
XRP / USD will depend on the Bitcoin price move. I do not foresee a trend change on XRP / USD at this time.
First scenario: if the price of Bitcoin is kept above the support area at 6000 USD and will have a sideways movement, XRP / USD will remain above 0.25 USD and will have a sideways movement. In this area it is possible to form a new support area
Second scenario: If the bitcoin falls below 6000 USD, XRP / USD will drop to support line S1 0.15 usd. It probably will not go there, but it will stop at 0.20 usd.
The third scenario: Bitcoin will keep over 6000 USD and the price will have a new upward trend by testing the downtrend line again. In this situation, XRP / USD will follow the Bitcoin movement and will rise by testing the dry area R1 0.357. Right now, I do not know what the most likely scenario is. It is very difficult to anticipate the probable move next week.
