Hello, traders!
On 15/02/20 XRP hit $0.34 USD with this so far being the yearly high for the cryptocurrency. From there, XRP proceeded to have a downwards trend before finding support at $0.23 USD. This support helps up XRP multiple times. However, this support was not strong enough to save XRP from the black swan event which occurred on March 12th, seeing the cryptocurrency drop to as low as $0.11 USD. This huge drop in value saw XRP lose over 68% of its value in only 27 days.
When looking on the daily chart above, there is no formation or trend line that jumps out. The only thing which does is that XRP is trading within $0.32 – $0.27 USD. In order to get a better view of what is going on let’s have a look at the XRP 2hr chart.
When looking at the 2hr chart we can see that there have been a couple of formations before our current price. The first formation was a symmetrical triangle, with a positive before the trend. However, unexpectedly the triangle saw a negative breakout.
The negative break out of this channel has left XRP within its current formation, a slow broadening formation. By looking into the smaller time frames it allows us to find the formation which a cryptocurrency is within or has recently broken out of. By looking at the formation below, it appears that XRP is likely to move back down to the $0.27 USD resistance unless a positive breakout occurs.
XRP price targets
Bullish price targets
$0.33 USD + 13% – In order for this to occur XRP would need to see a bullish breakout of the slow broadening formation. The likelihood of this occurring is high.
$0.37 USD + 29% – For XRP to reach $0.37 USD XRP would need to break above the $0.33 USD resistance. This level has provided resistance multiple times and could prove to be a hard nut to crack for XRP. The likelihood of this occurring is low.
$0.43 USD + 48% – XRP will likely not reach this level, however it is the next resistance level after $0.37 USD. The likelihood of $0.43 USD being reached is extremely low
Neutral price targets
$0.27 USD – 4% – If XRP does not make a bullish breakout of the broadening formation soon then $0.27 USD will be the next stop for XRP. However if XRP hits this level then there is still the possibility of XRP being both bullish and bearish. The likelihood of $0.27 USD being hit is extremely high.
Bearish price targets
$0.23 USD – 21% – If the $0.27 USD level does not provide significant support then XRP will likely freefall towards the $0.23 USD level. This is due to the speed of the previous move, the lack of resistance levels between $0.23 and $0.27 USD. The likelihood of $0.23 USD being hit is medium.
$0.21 USD – 28% – If the $0.23 USD is hit and broken below then the next resistance level is $0.21 USD. Due to the current bullish indicators and stiff support at $0.27 USD and $0.23 USD, the likelihood of this being hit is extremely low.
Watch out for the market and leave your comments on the analysis!
Good luck
On 15/02/20 XRP hit $0.34 USD with this so far being the yearly high for the cryptocurrency. From there, XRP proceeded to have a downwards trend before finding support at $0.23 USD. This support helps up XRP multiple times. However, this support was not strong enough to save XRP from the black swan event which occurred on March 12th, seeing the cryptocurrency drop to as low as $0.11 USD. This huge drop in value saw XRP lose over 68% of its value in only 27 days.
When looking on the daily chart above, there is no formation or trend line that jumps out. The only thing which does is that XRP is trading within $0.32 – $0.27 USD. In order to get a better view of what is going on let’s have a look at the XRP 2hr chart.
When looking at the 2hr chart we can see that there have been a couple of formations before our current price. The first formation was a symmetrical triangle, with a positive before the trend. However, unexpectedly the triangle saw a negative breakout.
The negative break out of this channel has left XRP within its current formation, a slow broadening formation. By looking into the smaller time frames it allows us to find the formation which a cryptocurrency is within or has recently broken out of. By looking at the formation below, it appears that XRP is likely to move back down to the $0.27 USD resistance unless a positive breakout occurs.
XRP price targets
Bullish price targets
$0.33 USD + 13% – In order for this to occur XRP would need to see a bullish breakout of the slow broadening formation. The likelihood of this occurring is high.
$0.37 USD + 29% – For XRP to reach $0.37 USD XRP would need to break above the $0.33 USD resistance. This level has provided resistance multiple times and could prove to be a hard nut to crack for XRP. The likelihood of this occurring is low.
$0.43 USD + 48% – XRP will likely not reach this level, however it is the next resistance level after $0.37 USD. The likelihood of $0.43 USD being reached is extremely low
Neutral price targets
$0.27 USD – 4% – If XRP does not make a bullish breakout of the broadening formation soon then $0.27 USD will be the next stop for XRP. However if XRP hits this level then there is still the possibility of XRP being both bullish and bearish. The likelihood of $0.27 USD being hit is extremely high.
Bearish price targets
$0.23 USD – 21% – If the $0.27 USD level does not provide significant support then XRP will likely freefall towards the $0.23 USD level. This is due to the speed of the previous move, the lack of resistance levels between $0.23 and $0.27 USD. The likelihood of $0.23 USD being hit is medium.
$0.21 USD – 28% – If the $0.23 USD is hit and broken below then the next resistance level is $0.21 USD. Due to the current bullish indicators and stiff support at $0.27 USD and $0.23 USD, the likelihood of this being hit is extremely low.
Watch out for the market and leave your comments on the analysis!
Good luck