Will we have an interesting XRP analysis today? Unfortunately, we did not see charismatic and sharp emotional price movement this week. The price was moving in a narrow 6% range over USD 0.38. At 4-hour timeframe, we see that buyers tried to break through this price on increased volumes, but could not fix themselves below and gave buyers a chance to build a counter-attack:
However, the price falling channel which has been formed since 30 May are not yet broken and sellers can be calm while the price is USD 0.42 under their control. Globally on the daily chart, we see that consolidation between USD 0.38 and the price zone of USD 0.44-0.46 lasts from 15 May. At the same time, there is a noticeable tendency of volumes decreasing, which means a price shot in the near future:
After a failed attempt by buyers to break through USD 0.38, sellers have arranged local protection in the price zone of USD 0.398-0.402. So far, buyers are not able to take control of this zone, although on 13 June such attempt happened. If buyers are not able to break through this local critical point in the near future, then sellers will begin another attempt to break through USD 0.38:
Marginal buyers positions are again at historic highs and the last two days buyers are closing their positions:
Sellers are also not particularly trying to dominate and not increase their positions intensively:
According to the wave analysis, now there are several versions for the development of events since globally this coin is in consolidation from December 2018. Therefore, we will analyze the last local waves. The first version of the development of events is a breakthrough of USD 0.38 and a test of USD 0.35 with the final target of USD 0.32:
At the price of USD 0.35, the wave of fall from 30 May will be equal to the wave of fall since 16 May. However, there is one more variant of the development of events, which is also quite probable, given the nature of the last fall. If you pay attention to how the price fell from 30 May, you will clearly notice that before the fall its growth was much more lively. It speaks of the weakness of sellers who can not organize a strong fall without deep correction. Therefore, there is a probability that the price may test USD 0.35, but after that growth will continue:
Returning to the question that we ask in the beginning, we answer that it is not so interesting to read the analysis of coins that are in place. However, sometimes in such calm situations, you can find a grain of important information and we hope that you have received it. See you in the next analysis!
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market.
Charts Courtesy: TradingView