In the last technical analysis, I said that XRP/USD will move up to R1-0.42 usd, after which it will begin a downward move. Here’s the price had a move up to 0.37 usd after which a lateral movement began. This lateral movement formed a new support area at 0.31 usd. This support area has been tested so far three times, and has not been broken down. This is a positive thing, but it has to be watched with caution, because traders’ panic can break any support area on this bear market.
This week there was a rather intense battle between bulls and bears on Bitcoin. Each of these forces has attempted to straighten prices in different directions. That spike from 6450 to 6890 usd has made those who have short positions to lose a lot of money. Bulls have failed to keep up the trend and the bears have managed to straighten the trend down to 6250 usd.
In short: someone is trying to keep Bitcoin over the support area at 6000 usd. Someone else was trying to push the price below 6000 usd.
The resistance lines: The support lines:
R1 – 0,42 USD S1 – 0,31 USD
R2 – 0,50 USD (psychological) S2 – 0,15 USD
R3 – 0,75 USD
What’s happening on XRP / USD next week?
At the moment, this lateral move seems to be a consolidation area with temporary support at S1 – 0.31 usd. I keep saying that the price will go up to the first resistance area R1 – 0.42 usd. Once the price reaches that area, it will probably start a new downward move.
A less probable scenario is where R1 – 0.42 usd will be broken up and we will climb to psychological support from R2 – 0.50 usd.
Do not exclude the third scenario, where the 6000 usd on Bitcoin will be broken down and XRP / USD will fall further. This technical analysis also takes into account the likely movement of the Bitcoin price.