Ripple Price Technical Analysis: XRP/USD 31/10/2018
The last week has been characterized by trading very low volumes on Bitcoin and XRP. Bitcoin has managed to keep above the descending trend line. However, any massive sale may push Bitcoin back into the bear market. My point is that many traders, both large and small, are waiting. What are they waiting for? Wait for a clear direction to open the right orders, no matter if it’s a classic order of buy or a short order on margin instruments.
XRP / USD has also been kept above the descending trend line. It is possible that this lateral movement will continue for the next few weeks. Do not forget that on XRP / USD we entered the accumulation period, which may take several months. This period will be characterized by higher bottom points. Also, the price tops will be higher. However, it is quite unlikely that the XRP / USD price will exceed 0.80-1.2 usd by the end of this year.
The resistance lines: The support lines:
R1 – 0,50 usd S1 – 0,45 usd
R2 – 0,60 usd S2 – 0,36 usd
R3 – 1 usd (psychological) S3 – 0,25 usd (bottom)
What’s happening on XRP / USD next week?
Next week, I expect XRP / USD to move laterally in the range 0.36 – 0.50 usd. Even though Bitcoin’s price is obviously weak at this point, I expect that in the next period it will have a new upward move. The target price up to which Bitcoin can go is 7500 usd. I do not think Bitcoin’s move up will happen next week. Probably this lateral movement will take a few weeks. Given the very good fundamentals, we may see that XRP / USD will have a move up before Bitcoin.
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