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: XRP 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. Market slightly tapped the $0.45 region and is moving back up. This could be our long position as in layers.

- 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 $0.45. This trendline has market the double bottom and is also diverging the price, forming a bullish divergence on the oscillators.

- 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. The added factor is the bullish divergence, which has been formed on both the RSI and CCI. The divergence may push the XRP up till the resistance.

Currently, we tapped the $0.45 price level which is also a good buy given its taken in layers with a small position.

Lets BUY XRP!

Jul 25 2021

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