RIPPLE: Critical hurdle ahead
Technical analysis of Ripple (XRPUSD) - viewing in the H4 chart
XRP / USD has been on a multi-day recovery trend that is currently facing resistance. A decision to continue the rally or to resume the overall downtrend should not be long in coming.
The ripple is in a medium-term corrective downtrend against the USD after a lively rally to a record high at 1.9670 USD. Starting from the 3-month low at $ 0.5097, the coin initiated a recovery move that remains intact. In the context of the three-wave recovery so far, it marked a high at USD 0.7331 and bounced off the short-term downtrend line located there. Most recently it found support on the recovery trendline from the June low.
Decision is near
We consider the short-term starting position to be neutral. A decision on a possible continuation of the recovery rally or a resumption of the medium-term downtrend should, in our opinion, be made soon. A break across the resistance zone at currently USD 0.7050 / USD 0.7331 would play into the hands of the bulls and make further price gains towards USD 0.7915 and USD 0.8536 (23.6% fibonacci retracement) likely. With a break above the interim high at USD 0.9300, there would also be a clearer brightening of the medium-term technical starting position with further rally potential towards initially 1.0664 / 1.1000 USD.
Bearish scenario
On the other hand, a sustained slide below the current support at USD 0.6478 would be critical for the bulls. The starting position would be immediately bearish with a breach of the interim low at USD 0.5815. In this case, we would favor retesting the previous correction low at $ 0.5097. We believe that the significant shortfall would signal an immediate continuation of the sell-off towards the USD 0.32-0.43 zone.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
XRP / USD has been on a multi-day recovery trend that is currently facing resistance. A decision to continue the rally or to resume the overall downtrend should not be long in coming.
The ripple is in a medium-term corrective downtrend against the USD after a lively rally to a record high at 1.9670 USD. Starting from the 3-month low at $ 0.5097, the coin initiated a recovery move that remains intact. In the context of the three-wave recovery so far, it marked a high at USD 0.7331 and bounced off the short-term downtrend line located there. Most recently it found support on the recovery trendline from the June low.
Decision is near
We consider the short-term starting position to be neutral. A decision on a possible continuation of the recovery rally or a resumption of the medium-term downtrend should, in our opinion, be made soon. A break across the resistance zone at currently USD 0.7050 / USD 0.7331 would play into the hands of the bulls and make further price gains towards USD 0.7915 and USD 0.8536 (23.6% fibonacci retracement) likely. With a break above the interim high at USD 0.9300, there would also be a clearer brightening of the medium-term technical starting position with further rally potential towards initially 1.0664 / 1.1000 USD.
Bearish scenario
On the other hand, a sustained slide below the current support at USD 0.6478 would be critical for the bulls. The starting position would be immediately bearish with a breach of the interim low at USD 0.5815. In this case, we would favor retesting the previous correction low at $ 0.5097. We believe that the significant shortfall would signal an immediate continuation of the sell-off towards the USD 0.32-0.43 zone.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
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