XRP Technical Analysis August 1st: After 40 cents, It’s 15 cents For XRP

Fundamentally, XRP is extremely bullish but price wise, it seems like it is headed to the dredges. As a matter of fact, today we might see XRP prices trading below the psychological support line and 2018 lows at 40 cents for the first time. When that happens, we might see an influx of sellers driving prices to new lows and even 15 cents.

News highlights

  • Roger Ver marks the first Bitcoin Cash anniversary by apologizing to Ripple and XRP about his XRP addresses freeze comments on Twitter. Coincidentally, the apology came a day before the fourth anniversary since Ripple introduced the “Balance Freeze’ Feature. Even though it’s controversial, the feature acts as a safety net for gateway’s wallet in case they are compromised. The feature is also useful assuming Ripple is requested by authorities to freeze any address. The latter is called the “Individual Freeze” and the former, “Global Freeze”.

  • Swell is a Ripple sponsored conference where policy makers across the sphere meet up and connect. To mark the importance of this year’s conference, Bill Clinton the former US President shall grace the event and issue a keynote moderated by Gene Sperling. The forum will take place between October 1 and 2 at San Francisco, California.
  • DCEX, a cryptocurrency exchange that is backed by Mike Novogratz and powered by Alphapoint shall list XRP and make it their base currency. This means that all other cryptocurrencies-15 in total including Bitcoin- available for trading shall be traded against the XRP. Sources indicate that the exchange which claims to process more than one million TPS chose XRP for expediency purposes as it would be easy to move funds.

XRP Technical Analysis

Weekly Chart

XRP Technical Analysis
Click here to see the full XRP Weekly Chart by Trading View

Regardless of recent swirls and downturns in price action, we are yet to have conclusive break outs to validate long or short positions at least when we take a top-down approach.

While XRP sellers are on a rampage and quickly watering down the optimism we saw two weeks ago, still XRP is moving within a 10 cent trade range with sold floors at 40 cents-45 cents zone.

In any case, we need evidence of sellers to negate and completely cancel our bullish stand as XRP bears crash buyers and sync with May-June sell waves.

We might see this panning out this week once there are strong, high volume close below week ending July 1 lows at 40 cents. Only then shall we suggest selling on 40 cents retest with stops at 50 cents and first targets at 15 cents.

Daily Chart

XRP Technical Analysis
Click here to see the full XRP Daily Chart by Trading View

After 40 days of horizontal consolidation following that bear breakdown of June 22, XRP might be heading lower if we consider recent technical formations.

For one, for the first time this year, we might see sellers dipping and closing below 40 cents, the official lower limit and 2018 lows.

Once that happen, we shall be better placed to take a trading decision and sync in with the trend. In that regard, ideal sell targets would be 15 cents with stops anywhere between 45 cents and 50 cents as mentioned above.

Bitcoin, EOS, Stellar, Litecoin, Tron Technical Analysis August 1st

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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