Technical Analysis XRP/USD 22/11/2017
In the latest technical analysis after the announcement with AMEX, I was say that I expect a correction of up to 0.20 USD on XRP/USD and then a move up that will test R1 0.23 USD. Here’s how XRP/USD moved much more positively than I expected. The corrective wave did not fall below 0.218 USD, followed by a steady upward trend. The price broke the resistance line at 0.23 USD and went up to 0.247 USD.
I would add that the upward movement of the last days was an easy but determined move. Though the volumes traded are not high, it is a rising healthy trend, not a pump and dump move.
What are the causes of this healthy trend (drawn with white on the chart), which started after the last bottom of 0.175 USD? Many voices say XRP/USD is pulled up all over the market. I do not believe this story because we know very well that XRP/USD has an independent move many times.
After upward and downward movement due to the news with AMEX, many people expected a fall of 0.19-0.20 USD. This is not what happened, and as the price began to rise, the impatience began to appear in the minds of the buyers. It’s not about FOMO, it’s a little anxious. Being impatient not to have XRP in the portfolio. Buyers went after sellers’ prices. This explains the easy but determined move in the last few days.
The resistance lines are: The support lines are:
R1 – 0,30usd S1 – 0,23usd
S2 – 0,20usd
S3 – 0,175usd
What can we expect in the next few days?
At this point we have a corrective wave in progress. Even though the support line S1 0.23 USD is broken, I expect the corrective wave not to go down to S2 0.20 USD. The price I think will stop in the area that stopped from falling and the last time, exactly 0.218 USD. After this correction, upward movement to R1 0.30 USD will continue. The first price target of 0.28 USD. The MACD tool (chart 12 hours) is in the positive area (over 0) and is green. Signal lines indicate a continuation of the up trend. The probable direction for the next few days is drawn in yellow on the chart.
In closing the technical analysis, I would also like to say a few essential things about breaking the main resistance from 0.30 USD at the time of Escrow blocking announcement.
1. If the Escrow blocking announcement finds the price in the 0.27-0.30 range, we will have much more chances to break the main resistance from 0.30 USD.
2. It will be very important to buy in this area, but also how many speculators and weak hands are willing to sell at 0.30 USD.
3. Buy and hold institutional investors will buy XRP/USD? It is well known that this kind of institutional buyers is much better for trend health than institutional speculative funds.
These factors are very difficult to quantify.
XRP Outperforms Top 10 Crypto Coins as Ripple’s CEO Expects the Lawsuit to be Decided in Weeks
The Role of Artificial Intelligence in Crypto Trading
90% of Business Leaders Believe Crypto to Have Significant Impact on the Business, Ripple Reports
XRP Records Inflows While Investment in Crypto Goes Down by $232 Million
Lawyer John E. Deaton Says XRP Holders were Always Right as He Posts a Key Footnote
Recent Press Release
5 Easy Loans to Get Approved For
Easy-to-approve loans are usually available within minutes or hours of your application. Unlike traditional banks and other lending institutions, lenders...
Maximizing Passive Income with NFT Investments and Cloud Mining
NFTproX is an innovative platform for buying and selling NFTs (Non-Fungible Tokens), which utilizes blockchain technology to provide investors with...
Easy Cloud Mining Passive Income with Gbitcoins
With the rise in the wide adaptability of cryptocurrencies, there is an emerging need to generate ways to earn from...
Top 15 Ways to Invest in Cryptocurrency
Investors invest in cryptocurrency because they think that as a particular cryptocurrency’s value increases, so will demand it. You can...
Stay on Top of Your Crypto Game with Live Coin Watch Mobile App
After a successful launch of its popular iOS app, Live Coin Watch is thrilled to unveil its mobile app for...