In the last technical analysis, I said that I expect a consolidation move, after which the price will climb to R1 0.42 usd. After the price tested the first resistance area R1 0.42 usd, a corrective wave would be followed. This was anticipated in the technical analysis two weeks ago. The price tried to climb to 0.42 USD, but at a price of 0.357 usd a new resistance zone was formed.
The price tried three times to break up this area, but in the end it failed. This failure was also due to the influence of the Bitcoin price. Bitcoin has touched and tested the descending trend line, but as we anticipated in the latest technical analysis there was no break up. The price was rejected by the descending trend line and a new corrective wave began.
The Bitcoin price has previously had a strong support area of 6,000 usd. It is quite unlikely that the support area of 6000 usd is broken down, but let’s not forget that we are still on a bear market, and panic can break any support area. If the support of 6000 usd is broken, Bitcoin could go down to 5000-5500 usd.
XRP/USD – lines of resistance : XRP/USD – lines of support:
R1 – 0,357 usd S1 – 0,15 usd
R2 – 0,42 usd S2 – 0.10 usd (psychological)
R3 – 0,50 usd
What’s happening on XRP / USD next week?
XRP/USD will depend on the Bitcoin price move. I do not anticipate a trend change on XRP/USD at this time.
First scenario: If the Bitcoin price is kept above the support area at 6000 USD and will have a lateral movement, XRP/USD will remain above 0.25 USD and will have a lateral movement. In this area it is possible to form a new support area.
Second scenario: If Bitcoin falls below 6000 usd, XRP / USD will go down to S1 support line 0.15 usd. It probably will not go down there, but it will stop at 0.20 usd.
The third scenario: Bitcoin will keep over 6000 usd and the price will have a new upward trend by testing the descending trend line again. In this situation, XRP / USD will follow the Bitcoin movement and will climb by testing the R1 0.357 dry area. At this time, I do not know which is the most likely scenario. It is very difficult to anticipate the probable move next week.