Here we are analyzing XRP/USD on the 4H chart.
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XRP continued last week’s show of stability, not trading below US$1.14 for two days before beginning to slide.
It hit the bottom yesterday at US$0.86 during a selloff but some livened trading volumes saw XRP stabilise.
Some stability returned to XRP since this morning 9h GMT of the trading showed a range between US$0.93 and US$0.95. Although at a strong discount from the beginning of the week, the market will be encouraged to see continuing stability in the price of XRP.
This trade could play out in 2 ways:
-Price bounces at the current horizontal support at 0.90, and then uses it as a launch pad to hit the upside target of 1.08. With this scenario the move probably will not be straight up, there is likely to either be a: retest of the support zone , or a corrective pullback higher up in the up trend. Either way, the target above is likely to be hit.
-Price tests the current horizontal support level at 0.90 and then rolls over, breaking below the middle support zone to the lower support zone at 0.86. If it breaks the middle support at 0.90 it doesn't necessarily mean it will tank to 0,86, but it does show a longer term weakness in the pair and shows the recent corrective move might be voided, and will create a volatile market.
Bare in mind that seeing a retest at horizontal support at 0.86 would be an awful test.
The first scenario above is the ideal one for Ripples best outcome. For this trade, and for the long term health.
Dont forget to follow if you want to be informed ;)
XRP continued last week’s show of stability, not trading below US$1.14 for two days before beginning to slide.
It hit the bottom yesterday at US$0.86 during a selloff but some livened trading volumes saw XRP stabilise.
Some stability returned to XRP since this morning 9h GMT of the trading showed a range between US$0.93 and US$0.95. Although at a strong discount from the beginning of the week, the market will be encouraged to see continuing stability in the price of XRP.
This trade could play out in 2 ways:
-Price bounces at the current horizontal support at 0.90, and then uses it as a launch pad to hit the upside target of 1.08. With this scenario the move probably will not be straight up, there is likely to either be a: retest of the support zone , or a corrective pullback higher up in the up trend. Either way, the target above is likely to be hit.
-Price tests the current horizontal support level at 0.90 and then rolls over, breaking below the middle support zone to the lower support zone at 0.86. If it breaks the middle support at 0.90 it doesn't necessarily mean it will tank to 0,86, but it does show a longer term weakness in the pair and shows the recent corrective move might be voided, and will create a volatile market.
Bare in mind that seeing a retest at horizontal support at 0.86 would be an awful test.
The first scenario above is the ideal one for Ripples best outcome. For this trade, and for the long term health.