Forum Forums Ripple (XRP) Forecast – Technical Analysis Ripple (XRP) Price Analysis – August 2018

This topic contains 2 replies, has 1 voice, and was last updated by margincall margincall 3 months, 2 weeks ago.

Viewing 2 replies - 1 through 2 (of 2 total)
  • Author
    Replies
  • #18133
    margincall
    margincall
    Keymaster

    Ripple has seen some small gains against BTC, while the market keeps on devaluing against Bitcoin. There is some open interest in the market as we have seen some good buying pressure on the short term since the start of August, however it is important to note that Ripple is still in a strong BEARISH trend against BTC, longer term speaking. Lets take a look at the XRPBTC 1 Day candle charts.

    xrpbtc forecast 29 Aug 2018

    We can see the clear shift in momentum shown by the indicator, some great volatility on the market since the end of July. The MA20 is trying to act as a support here, and I would keep an eye on the price action to see if the market consolidates above it.

    Be mindful that we are still in a longer term bearish trend and most long trades against Bitcoin should be considered higher risk, at this point in time. There could be some gains on the table for the nimble trader, looking to play a quick bounce here.  This is most likely to occur above 0.00005 btc, still high risk trading in my opinion.

    Some traders will certainly look to short again should the bulls fail to keep up the pressure, and the short term support zone, which is around, 0.000048 btc.

    For those looking to go long on the market, safer entries will be found after consolidation above the longer term bearish trend. Resistance in my opinion is at, 0.000055 btc, look to this zone for the eventual breakout against Bitcoin. Safe trades.

     

     

    #18042
    margincall
    margincall
    Keymaster

    Ripple recorded some gains against bitcoin the last few days, however we are still in a MAJOR bearish trend vs Bitcoin, lets take a look at the 1 Day candle chart.

    xrpusd price prediction 2 August 2018

    There is a possible bottom forming in the market, but I would like to point out that we hit significant resistance on the 20 MA, and there will be a correction in the market before it gets tested again.

    On the longer term we can see this is clearly still bearish and any trades taken here should be considered high risk. Resistance is currently strong around the 20 MA at 0.00006 btc , and the bulls will have to do a lot of work as the real resistance is camped out around 0.00007 btc.

    Support is currently weighing in at around 0.000054 btc, and I might consider a short on the market should this level fail. Lets be patient and see if the XRP bulls got what it takes to break the next support level, in which case there could be a long to play.

    I imagine gains vs the US Dollar will be minimum, but lets take a look at the charts.

    xrpusd price forecast 2 August 2018

    So we have a possible bottom forming, as well as a possible bear flag, we can see that the price is being rejected by the 20 MA, usually not the best sign.

    I would put support around $0.40 – $0.42, and considering a possible short on the should it fail with good price action. Resistance is currently between $0.46 – $0.50, and would consider a possible long on the market should price break above here.

    Lets be patient and see what the market does next, feel free to join our Discord community to discuss crypto trading. Safe trades.

     

Viewing 2 replies - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.