At the time I write this technical analysis, XRP/USD is in a corrective wave. This corrective wave is very important. The current corrective movement will determine whether the market will become a bull in a short time, or whether the consolidation period will take a few months and then become a bull. For the time being, XRP/USD has found strong resistance in the $1.25 area. This area became R1 -$1.25 .
This is also due to the fact that after reaching $11800, Bitcoin began a corrective wave. From TA’s point of view, the corrective movement on Bitcoin is normal. After reaching the downward trendline, Bitcoin began a corrective wave. If Bitcoin stops in the $8000-$9000 zone and then there will be a recovery move completed by breaking down the downline, it will be fine. It will confirm the bull market trend.
Any Bitcoin fall in the $6000-$7000 area will be a weakness, and the bull (short-term) trend will be momentarily invalidated. In this case, consolidation will take some time and a comeback of the bull market may take a few months.
The resistance lines are: The support lines are:
R1 – 1,25 USD S1 – 0,65 USD
R2 – 1,4 USD S2 – 0,50 USD (psychological)
R3 – 1,72 USD S3 – 0,25 USD
What can we expect in the next week?
Considering the scenarios above, on XRP/USD the corrective wave should stop in the 0.70-0.80 USD range. If the corrective wave stops in that area and then there will be a recovery movement with the R1-1.25 USD break, it will be fine. The bull trend will be confirmed on the XRP/USD parity. If XRP/USD will descend in the 0.60 – 0.70 USD area, there will be evidence of weakness, and the return of the bull market may take a few months.
On the 12-hour chart, the MACD is in the positive area (above line 0) but a few days ago a signal to sell appeared. The probable move for the next period is drawn in yellow.
In conclusion of the technical analysis, I will remind you that Cuallix official site was launched the Cuallet tool. Cuallet uses the XRapid and XRP currency in cross-border payments. Basically, this is the first live use of XRP in cross-border payments. The news has not yet been taken over by the news sites on the Internet and the price has not been influenced in any way.