The end of the active growth wave in the Ripple (XRP) market on April 14 took off the rose-colored glasses from investors. Setting a new local high at $1.96 has returned confidence to XRP connoisseurs in a non-corrective rise in the coin to $10. This goal was once popular among XRP fans. Of course, everything is possible in the crypto market, but today a short-term forecast awaits us. As we can see on the daily chart, a liquid zone has formed in the range of $1.8-1.86, where sellers are actively selling XRP: For 3 days from April 13 to April 15, buyers tried to take control of this range. However, sellers managed to start a correction and quite sharply lower the XRP price to $0.886.In the previous idea, we predicted a drop in the XRP price to this range:
Buyers managed to stop the XRPUSDT price drop and now the buyers' counterattack continues. However, as we can see on the chart, this counterattack continues at low volumes. Each subsequent local maximum is updated at lower volumes. Each subsequent local impulse is weaker than the previous one. The price is clearly starting to slow down before the liquid range of $1.8-1.86: As you can see on the 2 hour timeframe, a sharp attack of buyers turned into an inclined trend channel. The breakout of the local range of $1.5-1.55 means that the buyers' attack is completed and a new impulse to fall begins.
At the moment, a positive scenario in the XRPUSD market is the continuation of the price movement within the triangle with the aim of breaking it upwards with a target of $3. To support this scenario, buyers should not be allowed to drop below $1.1-1.2.
The negative scenario in the XRP market is a deep correction to $0.74-0.77. In this scenario, the seller will test the global trend line of the growth channel, in which the price has been moving since December 2020. Given the high probability of a new wave of decline in the BTC market from the $ 60,000-61,000 range, we are in no hurry to buy this coin. When the price has tested the range of $1.1-1.2 we will release a new idea. _________________________ 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!
I Agree. we had a market cap of 85B and now we have 70B, plus the volume is not powerful at this moment. When we reach $1.70 we had a volume transaction of 30B in one single day, now we have just a volume of 7B. All this will be connected in the next hours with what happened today in the courtroom between SEC and Ripple.
SEC is requesting the judge to rule the case with the precedent of SEC v. Badian, and if that is the case SEC wins the lawsuit. USA Government is not going to look weak especially After Biden said we'll pay 40% of taxes if we the people make 1M... which is very probable for most of us here in the crypto market. we'll see what is gonna happen, the Judge will announce her verdict in the coming days. IMHO I think we can even touch $0.70 or $0.60
P_S_trade
⋅
@alonsoddlviq, Thank you for such a wonderful comment!
SEC is requesting the judge to rule the case with the precedent of SEC v. Badian, and if that is the case SEC wins the lawsuit. USA Government is not going to look weak especially After Biden said we'll pay 40% of taxes if we the people make 1M... which is very probable for most of us here in the crypto market. we'll see what is gonna happen, the Judge will announce her verdict in the coming days. IMHO I think we can even touch $0.70 or $0.60