On 13th Aug we published a signal on XRPUSD - expecting the crypto to fall from 1.23000 towards our targeted destination at 0.8265 but unfortunately our stop loss got hit at 1.3215 followed by a sharp bearish reversal from that very price towards 1.05423. In our previous analysis we also mentioned that if XRPUSD provided us with a breakout above our resistance 1.06097, ripple will most probably have its next move towards 50% fibb retracement level and 61.8% i.e 1.16888 and 1.3215. The matter of concern from current market structure is that in daily time frame XRPUSD has entered the overbought conditions which will yearn for a recovery before making any further highs and secondly we have a strong divergence being made in four hourly chart keeping the relative strength index in regards. These two aforementioned factors can provide XRPUSD with a temporary bearish correction towards 50% and 38.2% fibb retracement level again as a retest. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

XRP price has exploded higher since closing above the noteworthy resistance associated with the 200-day SMA on August 7, logging a 65% gain last week and breaking the resistance aligned with the psychologically important 1.00 and the 38.2% retracement of the April-July cyclical Ripple correction at 1.06. Moving forward, XRP price is poised to continue the new rally with some possible resistance at the 61.8% retracement at $1.40 before encountering heavy push-back at the 78.6% retracement, which is reinforced by a series of highs printed in the first half of May. It represents close to a 30% return from the current Ripple price. A renewal of the XRP price pullback needs to hold the 1.00-1.06 range on a daily closing basis. If not, Ripple will endure a 15% fall to the 200-day SMA at $0.84, thereby dimming the bullish aspirations of not only a break of the April high at $1.96 but also the all-time high of 3.30 recorded in January 2018.

XRPUSD

Aug 22 2021