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 bullish as we continued forming HH’s and HL’s. XRP broke the major resistance level at 1.07, which has not turned support. At this level, on the retest, we will look for our long trade. The next resistance we have is at 1.60. This will be our profit booking resistance.

- Trendline: There is only a descending trendline on XRP, which has been pierced by the bullish candle, and validated with the candles opening and closing above it. As the market has broken the trendline and resistance, for the breakout buys, this gives us a confirmation that market has now turned bullish.

- Retracement: The golden retracement area of 75-78.6% stands still at the $0.8866 level. The retracement region of 61.8% to 78.6% is all consumed within the support range. Therefore, we can take a position on either of the levels.

- 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. At the support level, which is also in confluence with the retracement levels, we may witness an EMA 50 or EMA 200 retest. This will give us a 4th factor for our bullish position.

- RSI/CCI: Both the oscillators are in their extended over-bought 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 other factors. We would also need to wait for the oscillator values once the market reaches our pending buy zone.

Ripple is one of the advocated cryptocurrencies. Fundamentally, it has a strong use case and technically, we also happen to see it in a bullish direction. We will continue to wait for the market to retest the support and take a buy position.

Ripple buys from $0.8-$1.00

Aug 20 2021

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