Ripple (XRP) Technical analysis

The fundamentals are positive for XRP and, until now, more exchanges are actually indicating XRP as a base currency for convenience purposes. However, regardless of this, we still have to see some significant gains as prices translate into a sales demand and are currently trading below 45 cents and margins close to 40 cents. Any dive below this means that traders should shorten XRP and aim for 15 cents.

From the news

  • A Taiwanese exchange of cryptocurrencies, Bitrue will offer trading pairs with XRP as a basis. In this way, it deviates from the tradition set by most exchanges whose basic currencies are dominated by ETH and BTC. In addition, Bitrue is inclined to provide general transparency to the ICO market and, to ensure that this happens, it must list only the professionally selected ICO tokens. This is on top of the collaboration with Wanchain, a cross-chain platform.
  • Mike Novogratz supported Alphapoint, a cryptocurrency service company will power DCEX, a decentralized cryptocurrency exchange company. This is not the point, however, what stands out on DCEX is that they will have XRP available as a base currency, will benefit from 15 trading pairs and will list 10 coins from Bloomberg Galaxy Crypto Index. Hence, DCEX's CEO stated that he had opted for XRP in order to be able to transfer funds in an economical and simple way.
  • After Gemini, NASDAQ will provide the much-needed technology to the virtual currencies SBI and VC Trade. NASDAQ is helping the crypto-verse clean up its image, drive it back to legitimacy and validate its role as a contributor to global markets.

XRP Technical Analysis

Weekly Chart

  XRP Technical Analysis

XRP Weekly Chart for Trading View

Even after two months of horizontal consolidation, sellers are likely to still have an advantage and reduce prices . So far, XRP has dropped four percent in the last day and week, but what stands out is that XRP prices are traded below the 45 cent main support as tracked in the latest XRP technical analysis. .

From the rankings, 45 cents are not only the lows of 2018 but it is the triggering line of the weekly chart sale. So, this week, the odds there will be the activation of our XRP sales conditions. For a recovery, XRP buyers need to gather enough momentum and margin above the week to finish the 24 June highs at 55 cents.

Note that that strong bear candle has set precedence for the current depreciation and has contained prices within a trading range of 10 cents last weeks.

Daily Chart

  XRP Technical Analysis

XRP Daily Chart for Trading View

It is clear: sellers are accountable and do not stop as they resume the trend to validate the overall bear breakout trend set in motion by that high volume, bring the candle on June 22nd.

While we were optimistic about XRP, the fact that they are trading below 45 cents suggests further losses. By affirmation, both traders – aggressive and conservative – should prepare to reduce downwards once prices tend to fall below 40 cents.

In line with our latest XRP technical analysis, the ideal bear targets would be 15 cents.

Disclaimer: The opinions and opinions expressed are those of the author and do not constitute an investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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