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XRP/USD - Trading Opportunities

BITFINEX:XRPUSD   Ripple / Dollar
What's up traders, straight into the analysis!

Here we are analyzing XRP/USD on the 1D chart.

We have been keeping a close eye on Ripple recently, as price peaked after a corrective move on 18th January 2018 at 1.6850. Since then, price has begun trading within a descending resistance structure.

At current, price is trading at 0.7760, whilst approaching a very nice horizontal support structure. At the support zone , there is also potential for the 200 major moving average to be a support, which implies when price bounces into this zone, we could see a nice upside reversal to the highs. If price breaks at this major support, this would show some quite serious concern for Ripple, we breaking such a strong support would show a shattering weakness in the pair.

Price will eventually pick up some momentum. Ripple needs to break the side-wards resistance structure at 0.9100, before any real upside pressure will be felt. If price breaks below the horizontal support at 0.7220, then it could break very low, into the major lows of 0.20 (although unlikely it's key to keep an open mind).

Bare in mind, that a break below the first support is bad news. And Ripple will become enslaved into a technical downtrend where fundamentals could be shoved until the technicals "come into play".

I will update this analysis when I receive above 40 likes.
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You have 95 Likes.
Balas
TomProTrader CitizenOne
@CitizenOne, Well spotted. Will update when something actually happens. :-)
Balas
Pro trader eh? You have no idea what your charting
Balas
TomProTrader TheCryptAlpha
@TheCryptAlpha, Pro is an abbreviation of professional, which is "a specified activity as one's main paid occupation"

So you started grammatically wrong. Now for the last bit.

Unless you think price is going to 0 my analysis factually cannot be wrong at all. So, I can only assume you've not read the analysis at all.

Thank you and have a wonderful day. :-)
Balas
Any long until this market stops bleeding is a bad idea.
Balas
TomProTrader AdrianZieniewicz
@AdrianZieniewicz, We are aware of that hence waiting for price behaviour at each of the support levels outlined on the chart.
+1 Balas
0.73 Usd an hour ago, Xrp is playing with fire lol.
+1 Balas
TomProTrader Giorgioversace
@Giorgioversace, Very volatile indeed. Will be interesting to see what happens when we hit the support levels, and see how the price actions behaves!
Balas
Giorgioversace TomProTrader
@TomProTrader
Im watching this awesome cryptomatch with baguettes as the american would do with popcorn, with Usd in ready to fire mode activated lol.
Balas
@TomProTrader hey I'm with you here. I think that we see the breaking free of several alts from BTC in 2018. XRPUSD is one of it. But I also think that we will see 0.30 or lower. Next days really buying opportunities will occur.


+3 Balas
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