XRP, also known as Ripple, is one of the finest banking industry crypto currencies due to its lowest processing time for transactions. Banking industry is all prepared for XRP’s unilateral adoption, but the lawsuit took a hit back on the currency.

We will evaluate Ripple based on the daily time-frame for technical analysis.

- Market structure: As the crypto currency market is currently in a downward spiral, so is ripple. The market structure on the daily is bearish as we continued forming LL’s and LH’s. The major support area is resting at the $0.4 price level. At this level, there is a potential for a pullback. If this price level of $0.4 is breached, we may continue down towards the next support of $0.2- $0.25 zone.

- Trendline: There are two trendlines in play right now. The market has broken the ascending trendline, which had the starting pivot date of 29th December 2020. Since it’s a 6-month long trendline, we can be confident on its validity for a bearish move; which it has already begun.

The second trendline is a descending trendline, which tested the prices at $0.68 level. Since it was unable to break it, the invalidation remains intact for now.

Thirdly, we have a support based descending trendline falling into the support area of $0.4. This trendline will confluence with support, hence making it a strong area for going long.

- Retracement: Ripple is already at the golden are of retracement: 75%- 78.6%. Market may wick down to test the major support at $0.40. Until, this golden area is breached with candlesticks opening and closing below the 78.6%, the retracement levels remain intact.

- EMA's: Both EMA 50 and 200 illustrate a downward trend, although the death cross is still impending. The EMA 200 is recently broken and is being retesting to further slide down. The test of EMA 50 is still pending to the upside, which would be our potential target for LONGS.

- RSI/CCI: RSI and CCI, both are in bearish levels. We don’t constitute any divergence buy on either of the oscillators.

We will have 3 confirmations at the support area of $0.40. We would look to go long at this level.

If this support it pierced, trade is invalidated till further support level of $0.25.

XRP quality LONGS from $0.40

Jul 11 2021