Ripple (XRP) is one of the cryptocurrencies with higher liquidity, therefore, is an excellent product for the crypto trading. If you want to take advantage of the price movements of Ripple, in this article we will be reviewing of technical way to predict your future in the short term. The market of cryptocurrencies, has maintained profits during the last 30 days, a rise that started in recovery mode, after the abrupt fall in the midst of the advance of the coronavirus. However, that strength bearish is still there, and is greater than the intentions of a bull that we have seen in the last few days.
Technical analysis of the Price of Ripple to the short-term
In the case of Ripple, this fall the product of the fear of the ravages of coronavirus, was quite harmful. To try to predict what you can do in the next few days, let’s review the price charts with different temporalities.
The chart of candles per week is quite daunting for the bulls, it can be observed a clear succession of highs getting lower, the main characteristic of a downward trend. Technical analysis of the price of Ripple to forecast the short-term. Source: TradingView The only one that could be cataloged as an opportunity for bullish, on the weekly chart, it is the arrival and rejection of a significant support zone. However, up to now a first reaction uptrend does not say much, it is necessary to wait for confirmations to take it as a signal of high probability. Technical analysis of the price of Ripple’s weekly chart. Source: TradingView moving averages EMA and 8 SMA 18 are crossed to the upside, this is a sign of a bear market that can last for several days or weeks. Technical analysis of moving averages, weekly price chart of Ripple. Source: TradingView
Temporality of day-to-day Price of Ripple
From this time frame, the panorama continues painting bearish signals. Shown as rise in the last 32 days, it is just a setback, noting that the thrust dominant was descending. Currently the price is by visiting an important resistance area, which makes confluence with the level 61.8% of fibonacci, and so it is quite possible that the price is ready to proceed with the predominant force, and locate the support near the more relevant. Technical analysis of the price of Ripple to short-term prognosis. Source: TradingView The EMA and 8 SMA 18 are kept crossed to the upside, the product of the climb that has been making the price. The SMA of 200 days is still bearish, and could function as a strong dynamic resistance if the price tries to search for areas offering higher. Technical analysis of the price of Ripple to the short-term. Source: TradingView
Temporality of 4 hours
For a forecast for the very short term the price of Ripple, the intraday chart with candles of 4 hours is a good place for analysis. From this graph, the scenario is supporting the vision of a possible end of the retracement of the bearish trend further. In recent hours, the bears have taken control and managed to cross the support immediately adjacent to USD 0,19250. Now, the bulls are trying to regain control. If they manage to cross the resistance of USD 0.19250, it is very likely that the next area of resistance at USD 0.20250 to be visited; there, again, you will see that the intention of the bears to resume the bearish trend further, not to do so, resistance, next will be visited before a new strong drop occurs. Chart XRP / USD 4 hours. Analysis of the price of Ripple to the short-term. Source: TradingView All of our publications are of an informative nature and in no case should be followed as the advice of investment.