About two weeks ago, we warned XRP would likely test its support near $0.43. However, this has not been the case so far, and XRP moved from around $0.48 to $0.52. Despite this upward movement, we believe the retest is still due to happen. In fact, we would not be surprised to see XRP continue lower than that, being dragged by the rest of the cryptocurrency market. To reassess our view (or even abandon it), we want XRP to break above $0.54 and broader strength in the crypto market. We will update our thoughts with the emergence of new developments.
Illustration 1.01
Illustration 1.01 displays the daily chart of XRP and simple support/resistance levels derived from peaks and troughs.
Technical analysis
Daily time frame = Slightly bearish
Weekly time frame = Slightly bearish
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Technical analysis
Daily time frame = Slightly bearish
Weekly time frame = Slightly bearish
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Comment:
XRP briefly broke above $0.54. However, our stance remains unchanged due to opinions expressed in recent articles about Bitcoin and its growing dominance that we deem as a threat to higher prices for altcoins.
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