Hi all,
XRP made a pullback to $0.197 on Friday hitting the 50-day EMA, after yet another failed attempt to break into the zone above $0.20. As commented on our last update, the coin was trading in the $0.192 - $0.20 range for almost ten straight days without being able to establish a trend and this is nothing new for the "ripple". Just a consolidation period that always comes before a new trend can be initiated.
On Saturday, the XRP/USD pair stormed pass the $0.20 line and climbed above both the 50 and 100-day EMAs to reach $0.207. The move resulted in a 5 percent increase. On Sunday, May 31 the coin peaked at $0.213 in an extremely volatile session but closed the week with a loss to $0.202.
What we are looking now for is a stable close in the middle of the support area.
On the other hand, things are not looking good if we zoom out to monthly where it is noticeable we are in a stable downtrend and XRP could not print a new high.
Also, if we look closely at the 4-h chart, we can see a clear downtrend corridor formed since April 30.
The $0.211 line looks like our next target up as marked by the upper end of the channel. It is also visible that it was an important horizontal resistance on the way down back on May 1-4.
We can safely say, the recent wakeup can be the beginning of a reversal to the upside, but there is still a long way to go.
Regards,
XRP made a pullback to $0.197 on Friday hitting the 50-day EMA, after yet another failed attempt to break into the zone above $0.20. As commented on our last update, the coin was trading in the $0.192 - $0.20 range for almost ten straight days without being able to establish a trend and this is nothing new for the "ripple". Just a consolidation period that always comes before a new trend can be initiated.
On Saturday, the XRP/USD pair stormed pass the $0.20 line and climbed above both the 50 and 100-day EMAs to reach $0.207. The move resulted in a 5 percent increase. On Sunday, May 31 the coin peaked at $0.213 in an extremely volatile session but closed the week with a loss to $0.202.
What we are looking now for is a stable close in the middle of the support area.
On the other hand, things are not looking good if we zoom out to monthly where it is noticeable we are in a stable downtrend and XRP could not print a new high.
Also, if we look closely at the 4-h chart, we can see a clear downtrend corridor formed since April 30.
The $0.211 line looks like our next target up as marked by the upper end of the channel. It is also visible that it was an important horizontal resistance on the way down back on May 1-4.
We can safely say, the recent wakeup can be the beginning of a reversal to the upside, but there is still a long way to go.
Regards,
Comment:
XRP also making its way up in the $0.20 $0.215 zone. As mentioned above, the $0.211 line is quite important right now.
