Analysis: Ripple (XRP) course moves doubtful around an important price point, how further? – PGz

Ripple is not exactly bad, but not good either. The coin has been flirting for weeks with an important price point that it is not allowed to come under. Let’s look at the grave.

The price levels of Ripple

We start this analysis with a look at the daily graph. Here every candle stands for a period of 24 hours, so that we can see a large part of the price history. This is important to remove the strongest price levels: the blue zone, green line and the purple line.

These are all points that Ripple’s course reacted more often. To start with the blue zone: this is the place of the peak of 2018. XRP then made a peak around this price, and it was therefore plausible that this level would remain important if the coin will ever come back here.

In the meantime, the course beyond this point has risen, and as you can see, this zone now acts as a support. Every dip in this area is bought, and ensures that we have not yet seen a price below 1.80 dollars. As long as there are buyers, there is nothing wrong.

Yet that chance of a further decrease is there. This has to do with the downward trend that Ripple is still in. As you can see on the orange arcs, the course moves with increasingly lower lows and increasingly lower heights. This is not exactly positive, and until the coin passes its previous height (purple dotted line), we therefore have to stay in a pararary.

Can Ripple stay above 2.07 dollars?

XRP made an attempt to pass the purple line, but without success. At the moment the coin also try to stay above its previous low point (blue dotted line). But to analyze that better, we will zoom in. We do this by looking at the 4-hour graph. Here every candle stands for 4 hours, so that we can see the course in more detail.

This makes it clear that there have been a few times that Ripple came close to his previous low point of 2.07 dollars. A decrease under this zone would not be disastrous yet – after all, there is a huge support underneath – but of course we prefer that the race is strong.

With the downward trend in mind, it might be good to first wait a bullish movement that can bring the course above the purple line. In that case, the downward trend is broken and we might be able to prepare for new heights. Because until that time the prospect remains a bit insecure.