It’s time to check the results of XRP coin weekly trading and see if there appeared signals which are more likely to indicate us about the upcoming price movement. Last week, XRP buyers fought for a price zone of USD 0.44-0.46, moreover, this fight lasted from 15 May. In the previous analysis, the most likely scenario for us was the continuation of consolidation in the range of 24%. Buyers have decided to try to change this scenario, and even for a while fixed above USD 0.46. However, if you compare the growth of Bitcoin and XRP, then it is clearly seen that the buyers of Ripple are not as strong and aggressive as Bitcoin buyers to drive growth with similar power in their possession.
On 27 June, sellers returned the price back to the consolidation range, breaking through the price zone of USD 0.44-0.46, and now buyers can try to test this zone. If buyers are able to withstand this test, we expect the continuation of the fall to USD 0.38 and at that price will be the moment of truth, then we will find out whether sellers can continue the fall to USD 33, or buyers will still have a new attempt to start growth with the first target of USD 0.52.
Marginal positions of buyers began to decrease against the price falling:
An interesting fact is that on the price chart and the chart of marginal positions, we see a false breakdown, after which the price returns to the usual zone of consolidation.
Sellers also began to close their marginal positions:
At the moment, we do not see the glint in the eyes of sellers about the upcoming fall trend, since sellers do not even try to increase positions.
According to the wave analysis, the last consolidation wave (e) is forming now, which either break lower trend line with a subsequent stop of USD 0.33, or the next attack of buyers should break USD 0.46.
Globally on the weekly timeframe, we see that buyers with a help of trend line push a possible trading range and sometimes try to weaken sellers in order to break through the global triangle and start a strong global growth.
However, so far, we are inside this global triangle and by October 2019 the price can drift in its range. Therefore, we memorize the critical points, after which we will clearly understand the global scenario of the coin:
For buyers – USD 0.51,
For sellers – USD 0.33.
Let’s see if next week the price can at least get closer to one of these points.
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