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. Market slightly tapped the $0.45 region and is moving back up and is currently at $0.80 levels. Now we will wait for the support to the tapped in order to go long.

- Trendline: The descending trendline broke earlier, validating the breakout buy by candles opening and closing above the trendline. On the other hand, we have an ascending trendline which is awaited being tested once so that our longs are triggered. This is the trendline which lays merely above the support level, so we can acknowledge the fact that it is on the support level.

- Retracement: The golden retracement area of 75-78.6% stands still at the $0.566 level. It also confluences with the support and trendline region.

- EMA's: Although there was already a bullish death cross on the EMA 50 and 200, right now, both the EMA’s have been breached again, hence depicting a bull pressure and continuation. We will wait for the resistance level to be tapped and see how market reacts there. If either of the EMA’s is retested, it doesn’t seem to happen at any of the support levels on daily time frame.

- RSI/CCI: Both the oscillators are bullish and are in their bull regions. We need to see a minor pullback so that oscillators are neutralized and we may able to catch the long position in alignment of the oscillators.

Ripple buys from $0.5660

Aug 10 2021

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