XRP has made it down to the origin of the last major bull on the USD pair at .19c which had formed the last higher low prior to it’s run from .19c to $3.53 at the time. However it has now erased 100% of it’s 1600% gains.
This area can act as a key pivot and likely will find buyers looking to start new positions. If .19c is lost .14c would be the next logical spot where there would likely be a pool of liquidity waiting to absorb any sells. A strong reaction would be expected if prices fell to that point due to the historical importance of the level. If that were the case it could be reasonable to expect a range to develop of .14-.24c as it previously had for some time with .19c as the equilibrium of the new range.
This new range could act as an area of accumulation prior to markup. As things stand there is no current bullish argument for XRP from a technical standpoint. .19c Must be defended by bulls to begin any reversal, a weekly close over .30c could bring a test of the 2019 highs which would likely signal the bottom is in.
Position traders are going to be looking to enter at over .30c as opposed to knife catching here as they will want confirmation of a reversal. It’s important to remember that nothing is immune to market cycles, XRP is no different and this bear trend will come to an end. It appears we are nearing the price points that a reversal can begin but probabilities suggest that XRP will go lower first.
The bear trend targers are .14c-19c and if a macro reversal happens with confirmation a new bull trend prices could take prices up towards .97c.
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Pentoshi is a macro trend trader who specializes in price action technical analysis utilizing high time frame pivots. A full time Crypto trader who is now directing focus on trading education.
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