XRP/USD - Levels To Watch

BITFINEX:XRPUSD   Ripple / U.S. Dollar
What's up traders,

Here we are analyzing XRP/USD on the 8H chart.

Continuing to keep a close eye on Ripple, price is currently within a flag structure after a bearish down leg has had a correction and formed consolidation at a peak of 0.8380, which found resistance on the 20 moving average.

At current, price is trading at 0.7670 after a strong down move from the peak on 5th March. Price began a correction after hitting a low at 0.7360 and since then has gone side-wards. If price breaks the flag structure below 0.7610, then I am expecting price will have a breakdown to the next lower support level , and the measure move of the flag at at least 0,5390 before the next up move begins.

Price has 2 support levels it can use for a bounce to the upside. First of all we have 0.7310, which is just below the flag breakout level and acts as the horizontal resistance. This itself is a reliable support IF price can find some momentum, in the form of reversal candlesticks . Secondly, we can keep an eye on the next horizontal support at 0.5310 for support

Price could bounce to the upside before 0.5300 is achieved, if the overall Crypto markets condition improves.

I will update this analysis when I receive above 40 likes.
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Thanks for the great advice Tom, I sold my position and re-entered gaining 2000 XRP. Really appreciate your advice!
Do you see XRP dipping lower or do you think it will find support here around the .73 level? Would love your insight if at all possible?
It looks like Ripple does not care what the market is doing here
sir please update analysis!
Great work Tom, thanks for the chart and advice :)
+1 Reply
@Rogue7, Thanks, I hope this helps. :-)
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