XRP / USD Technical Analysis – 08/24/2018

In the last technical analysis, I said that XRP / USD will switch to R1-0.42 usd, after which it will start a bearish move. Here the price had an increase up to $ 0.37 after which a sideways movement began. This lateral movement formed a new support area at 0.31 usd. This support area has been tested three times so far and has not been analyzed. This is a good thing, but it must be observed with caution, because the panic of traders can break any support area in this bear market.

This week there was a rather intense battle between bulls and bears on Bitcoin. Each of these forces tried to straighten prices in different directions. That peak from 6450 to 6890 usd made those who have short positions to lose a lot of money. The bulls failed to keep the trend and the bears managed to reduce the trend to $ 6250.

In short: someone is trying to keep Bitcoin on the support area at 6000 USD. Someone else was trying to push the price under 6000 USD

The resistance lines: The support lines :

R1 – 0.42 USD S1 – 0.31 USD [19659004] R2 – 0.50 USD (psychological) S2 – 0.15 USD

R3 – 0.75 USD [19659004]   bitstamp xrp usd Aug-24-2018-2-41-23

What's happening on XRP / USD next week?

At the moment, this lateral move appears to be a consolidation area with temporary support at S1 – $ 0.31. I keep saying that the price will rise to the first resistance area R1 – 0.42 usd. Once the price reaches that area, it will probably start a new move down.

A less likely scenario is where R1 – 0.42 usd will be broken and we will go up to the psychological support from R2 – 0.50 usd.

Do not rule out the third scenario, in which the 6000 usd on Bitcoin will be decomposed and the XRP / USD will fall further. This technical analysis also takes into account the probable movement of the Bitcoin price.

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