Ripple (XRP) - 6h. At $1.4 the situation will become clearer
The XRP market responds quite well to BTC provocations. If we compare the drop in the price of XRP and BTC from May 10, we see the markets sank almost the same - by 25-30%. However, the interest in Ripple is now much higher than in BTC. This is evidenced by the rebound in the XRP price after each seller attack.
Yesterday's fall in the BTC market
had little or no effect on the XRP price. This positive fact can highlight the strength of buyers and the greater likelihood of a continuation of the upward trend. However, for such a positive scenario in the XRP market, one condition is important - the price fixing above $1.6. As you can see in the chart, the price is now below this range and the intrigue in the XRP market is growing.
If we look at the daily timeframe, we see that the XRPUSD price has gone beyond the black trendline, within which buyers have been building their attack since the beginning of April:
Therefore, in order to rehabilitate buyers and confirm their strength, buyers need to gain a foothold above the mark of $1.6 the faster. On May 17, the daily candle closed in favor of buyers. Large volumes, which sellers tried to impose a struggle with, were confidently bought out by buyers with limit orders. However, the next 3 days of trading are as passive as possible. Such a market does not allow us to make a decision and makes us keep waiting.
Looking at the XRPBTC chart, you can see an important range where the price stopped:
The assumed local correction of the XRPBTC price and the continuation of the local downward trend in the BTC market will provoke a drop in the XRPUSDT price with the first target of $1.4. This mark is a local support for buyers. Having held this mark, buyers are likely to break through the mark of $1.6 and continue to rise to $2.5.
However, we are relying more on a deeper correction in the XRP price and the formation of a global triangle:
In this scenario, sellers will test the $ 1.2 mark and XRP price will continue to consolidate until mid-June.
To summarize, we want to note:
We will be ready to buy XRP either after the test $1.2 or after the breakout and consolidation above $1.6.
The mark of $1.4 is a local level that can be targeted for a short-term trade with a short stop.
______________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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Yesterday's fall in the BTC market
If we look at the daily timeframe, we see that the XRPUSD price has gone beyond the black trendline, within which buyers have been building their attack since the beginning of April:
Therefore, in order to rehabilitate buyers and confirm their strength, buyers need to gain a foothold above the mark of $1.6 the faster. On May 17, the daily candle closed in favor of buyers. Large volumes, which sellers tried to impose a struggle with, were confidently bought out by buyers with limit orders. However, the next 3 days of trading are as passive as possible. Such a market does not allow us to make a decision and makes us keep waiting.
Looking at the XRPBTC chart, you can see an important range where the price stopped:
The assumed local correction of the XRPBTC price and the continuation of the local downward trend in the BTC market will provoke a drop in the XRPUSDT price with the first target of $1.4. This mark is a local support for buyers. Having held this mark, buyers are likely to break through the mark of $1.6 and continue to rise to $2.5.
However, we are relying more on a deeper correction in the XRP price and the formation of a global triangle:
In this scenario, sellers will test the $ 1.2 mark and XRP price will continue to consolidate until mid-June.
To summarize, we want to note:
We will be ready to buy XRP either after the test $1.2 or after the breakout and consolidation above $1.6.
The mark of $1.4 is a local level that can be targeted for a short-term trade with a short stop.
______________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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