Buyers of coins, quite differently, reacted to a stop of the price fall. Today we will talk about XRP Ripple which many investors like, but this time there was little cheer in the actions of buyers. After the previous analysis, the price fell by another 18%, testing a black trend line which has survived all bear criminals since December 2018. This trend line keeps sellers off the price of USD 0.20. And it is the bottom line of consolidation.
At 4-hour timeframe, we see how, after touching this trendline, buyers were revived and are now struggling to offend. However, if we compare the correction after the fall with other coins, for example with LTC, we see that there are not enough aggression of Ripple buyers.
The boiling aggression of buyers is evident in the chart of their marginal positions. It shows that buyers day after day close their positions:
Locally sellers also close their positions, but globally they are in consolidation:
Analyzing the weekly timeframe, it’s hard to indulge in illusions about future growth, at least in the next week. After such a fall, we should expect even a consolidation. After that market participants will soberly look at the situation and decide who will become stronger in this price range:
According to the wave analysis, the model of the triangle in which the wave (D) completes and wave (E) prepares for formation, is currently in operation:
For a continuation of the movement in a triangle, it is important for buyers to fix above USD 0.317. Otherwise, there is a probability of breaking the lower limit of the triangle with the first target of USD 0.258.
After XRP buyers fixed over the price of USD 0.317, the first likely stop is at USD 0.377, after which buyers will try their luck to USD 0.44, where the moment of truth will occur. We doubt that there will be some sharp price movement next week, but let’s check together how much trading intuition remains with us. Have a nice weekend! We will meet next Friday!