$XRP reaches a key support

١٩ يوليو ٢٠١٩

Key levels
Short term
Supports—> S1: 0.284 - 0.28 & S2: 0.26
Resistances—> R1: 0.325 & R2: 0.40

Medium term
Supports—> S3: 0.25 & S4: 0.20
Resistances—> R3: 0.47 & R4: 0.49

Potential scenario
Ripple has been trending down for 25 days already, exactly since Bitcoin made its yearly maximum at almost $14,000. A few days ago, XRP reached very key support, S1 at $0.28, that has been holding the price above since September 2018. After touching this important support quickly, the price retraced and went up to 0.32. If S1 proves to be solid enough, very likely, the price will stop its way down and reverse its trend.

TA comment
As mentioned in 'Potential Scenario,' since September 2018, every time that XRP has touched S1, the price has retraced upwards. This suggests that, in a scenario where altcoins like Ripple a bull run like the one that Bitcoin is having, S1 can be one of its lowest points. The indicator MESA is an adaptive moving average that would rapidly open long positions once the trend reverses.

Pattern
During this downtrend, several bullish reversal patterns in different time frames can be spotted. Amongst them, Hammers, Belt-Hold Bullish and Concealing Baby Swallow. Concealing Baby Swallow is a bullish reversal pattern represented by four candles. The first two candles are long decreasing candles, and the next two increase and engulfs the previous one, therefore signaling buys.