XRP Technical Analysis Weekend Recap

If we can ask a legitimate question, what is the cryptographic evaluation draining and the XRP in particular? With each new minimum, there is the saturation of theories – fragile and authoritative. No matter the explanation, it does not matter because prices are low at the end of the day and your XRP investment is going through a heavy blow.

Today we summarize why, despite all the rounds, there are valid and encouraging reasons to keep waiting and for the next big uptrend XRP:

  • First of all, let's talk about Malta's reception. It is fast becoming a paradise that eliminates cryptocurrencies from all normative hostilities. As we realize the way in which the country's leaders are positioning themselves to potentially exploit the next wave of modeling technology, we also recognize that the country has surpassed South Korea. Malta is now the largest purchaser of XRP according to the 39; last Ripple Q2 report.
  • Secondly, for once we ignore the market capitalization because this does not measure investor interest. Rather, focusing on the liquidity of the market and what it means for XRP is worthy. XRP is a high liquidity crypt, available on request, available in many plants worldwide. Quidax is the last in Africa to list XRP. However, what is attracting my attention is the way most of Bitrue understands the benefits of creating an XRP base. Of course, it is unique, but the prospects for rapid settlements and cost savings are irresistible and influence decision makers.
  • Thirdly, with liquidity comes independence and we have seen how the participants in the XRP market have synchronized with Bitcoin. In fact, the correlation is falling and this is what Ripple CEO Brad Garlinghouse wants. We project that when XRP finds stability and becomes mainstream, its prices will move independently of Bitcoin (BTC).

XRP Technical Analysis

  XRP Technical Analysis

XRP Daily Chart for Trading View

Overly, without They seem too repetitive, XRP traders are literally struggling to make a profit, both long and short. This was the case for the last 61 days following that strong bearish downtrend on 22 June. From a technical point of view, we treated that bar like an exploding bear and why not? Its trading range is wide and high.

But for the confirmation of this commercial model and in line with our previous XRP technical analysis, we need a strong break below 40 cents. The area between 45 cents and 40 cents marks our support and only then could we start running shorts with targets at 15 cents. We expected it to happen before the weekend, but for some reason XRP has found support and has returned to operate in a narrow exchange interval. This means that we are back neutral.

All I am saying is that we should be positive until we see strong and convincing breakages above 55 cents. This is the moment when we should start ramping the long XRPs. Remember: the longer the price accumulates, the stronger the breakout, we have seen it happen many other times.

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

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