Ripple (XRP), seems like an interesting asset to watch this week, and there has been much discussion about it on Twitter lately. According to members of the XRP Army, if XRP wins with the SEC and isn’t considered collateral, the price might “go to the moon”. The pre-bullish precedent is one of long periods of consolidation with a rounded bottom, similar to the past 137 day. Volume has dropped by about 8% but the price broke a long-term trendline that had been resistance. According to XRP’s HTF Market Structure, the price rose by 2.6%. This could indicate that a price floor was found.
XRP traded at $0.4003 as of the writing of this article.
XRP saw a sharp drop in prices, with the price dropping almost 69% (28 March 2022 to 13 June 2022). The asset tried to consolidate in a wide range of $0.305 to $0.407 after this fall. XRP is in a strong resistance zone between $0.41 and $0.43 (Horizontal Trendline and 20-Week Moving Average). If the asset closes above the resistance and maintains good volumes, then it can rally further to $0.55 levels.
Support 2Support 1AssetResistance 1Resistance 20.2870.325XRP0.410.43
Disclaimer: This report should not be considered as investment advice for potential investors. It does not consider the investor’s financial situation, investment goals or specific needs. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading & Investments in cryptos viz. Bitcoin Cash, Ethereum, and Bitcoin Cash are just a few examples. These are highly speculative investments and can be subject to market risk. The author’s analysis is intended to be used as information only and not as investment advice.
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