The long-awaited event occurred sooner than expected. I was saying in past technical analysis, as in September, but more likely in October there will be a bullish move on XRP / USD. We anticipate this move on XRP / USD will occur due to a Bitcoin bull run. Since XRP / USD has had an independent bull run. The price of Bitcoin has remained stationary these days, but in fact it is preparing for an upward trend. I was saying that the Falling Wedge model is a bull's model and the price will break the downtrend line. This happened in the last days.
Against the background of very large purchase volumes, XRP broke the Falling Wedge model and also broke the three resistance areas. XRP / USD broke, resistances from 0.37, 0.42 usd and 0.50 usd. The price reached a maximum of 0.78 USD, after which a corrective movement began. This rupture of the downward trend indicates the end of the bear market and the entry into the accumulation (consolidation) cycle, followed by the bullish market on XRP / USD.
The resistance lines: The support lines :
R1 – 1 usd (psychological) S1 – 0.42 usd
R2 – 1.2 usd S2 – 0.25 usd
However, it is very It is important that the correction that has started does not fall below the downtrend. To consider the 100% exit from the bear market, the XRP / USD price should remain above 0.42 usd. 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. In the following months, it is not prohibited for the price to fall temporarily within the usd area of 0.28 – 0.30, but it is quite unlikely that the price will fall below 0.25 usd. Keep this information for a good buying strategy.
The speed with which the price has risen under the influence of FOMO shows us that traders had a great hunger for gain after this bear market. Many traders have not looked at the price. Traders jumped on the XRP train, regardless of the price they purchased.
What's happening on XRP / USD next week?
At this point, the price seems to have a consolidation. As mentioned previously, it is essential to have a tendency towards lateral consolidation and not to fall below USD 0.42. The price has risen too fast in three days and, if we do not have a consolidation period, we risk falling below $ 0.42. If XRP / USD is more than 0.42 USD, we will have a consolidation period, the price could rise above 0.80 $. The first resistance area on XRP / USD is 1 usd. The second resistance area is 1.2 usd.
The buffer between 1 and 1.2 usd will be a strong resistance to price increases. This area is unlikely to be demolished from the first move. If the price reaches 1.2 USD, it is very likely to have a corrective wave. This level of resistance will not be interrupted by the first move, unless the purchase volumes are very high and FOMO will be at high levels. It also counts the amount of sales orders placed at R1-1 usd and R2 -1.2 usd.