- XRP has a strong resistance at $0.39
- if it manages to break that level, next stop would be $0.56
- Good buying zone is $0.32
The below analysis is courtesy of AhmedAli.
Following our most recent calls, first of which, stated that we would find support at the 0.28$ level and we would expect to see an increase to the 0.39-0.41$ level. Therefore, once these levels were reached, I updated our analysis in a brief intra-day breakdown, stating that we should see a rejection from 0.40$ to 0.35$ where we would be able to accumulate again for another burst up. Now exactly this occurred. We saw an increase from 0.35$ to 0.398$ in no time. None the less, since then we have seen a rejection from the 0.398$ resistance and it has proven very difficult to break this level. So difficult that our final conservative target of 0.43$ was not reached and instead we see sideway movement. This should put our final upward target of 0.52$ off the table and initially this was a very hopeful target – if this was achieved, it would have been just under 100% return without the use of margin. Instead, we are now having to downgrade this maximum upside target to 0.45$, which was a previous price floor and now should be the firmest of price ceilings. What is most likely is a retest of the 0.35$ price floor and then a test of 0.41-.43$ (but this time firmly) and a rejection from this level back down to our 0.28$ floor and then a break of this price floor down to 0.25$.
What can we see on our daily chart for XRP?
– We can see that there is a clear rejection on the daily from 0.398$ and price is already at 0.37$. I stated to all priority members to sell at 0.398$ at the high. Now we can also see that MA currently lies just at 0.36$ level, around our support zone .
– We can see on our momentum indicators such as RSI that we are at resistance levels of 70 RSI and we are perfectly in line with our resistance trend line on this indicator and support should be found around the 45 level on daily RSI before any relief comes. We can also see that on our RSI/ROC indicator that we are near 63 level resistance with previous supporting trend line on this indicator now acting as a resistance.
What can we see on our 4 hour charts for XRP ?
– We can see that EMA 200 a strong support indicator is currently at 0.36$ and this tells us that a rejection to this zone to make upward movement more likely is necessary. Moreover, we can see that a firm price ceiling lies at 0.398$ and in order to break this zone we will need strong support across all indicators. As we can see that RSI is showing a rejection from 70 level and now I expect it will make its way back down to the 29 level on 4 hourly charts. I suspect that for RSI/ROC, we will return to support zones at 39 level but none the less, this particular indicator is at somewhat of a weird support. This could indicate to us that bearish price action may not be so harsh.
What can we see on the hourly charts for XRP ?
– We can see on the hourly charts for XRP that EMA 200 again lies at 0.35$ price level on the hourly charts with MA currently being used as resistance and momentum indicators RSI showing that we will retrace to 29 level support on hourly and RSI/ROC showing that we should retrace to 40 level on this indicator before any further support is found.
Conclusions
– Ok, this analysis is here to make you aware of the dynamics of price currently and what to expect. We know that we could possibly get a bull move after finding support at 0.35$ all the way to 0.43-0.45$. Now, its your choice to choose whether this risk:reward is suitable considering you have been long from 0.28$.
– Close your trade at current price and buy back cheaper with tight SL 🙂
– Regardless, the analysis will play out.
