$XRP - How to take advantage of the new lows
Key levels
Short term
Supports—> S1: 0.25 & S2: 0.20
Resistances—> R1: 0.30 & R2: 0.47
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.57 & R4: 0.68
Potential scenario
The chart shows us the XRP behaviour over the last year. It has ranged from a maximum of 0.79 to a recently reached minimum of 0.24. It is currently being held on S1 at 0.25, a key price level that has been acting as a resistance before the 2017 bull run and as an important support during the whole bearish market. \u2028S1 has proved to be a strong support over the last year and a half, and it is very likely that will keep preventing further falls. However, if this support is broken, we can expect the XRP to test S2 at $0.20.
TA comment
An important part of the cryptocurrencies started surging again last April. Ripple even reached 0.50 and thereafter, it went back down and even made a new yearly minimum at 0.237. Since the crypto market and community seems to be getting ready for a new bull run, we can make use of a quick moving average like the WMA (Weighted Moving Average), using it as our long-term moving average. Therefore, if the XRP makes a sharp and long move upwards as a potential sign of a bull run, our hopper will open long positions when the short moving average (green) crosses up the long one (orange).
Pattern
As said in the section Potential scenario, the price is continuously being rejected by S1. During these rejections there have been several Dragonfly Doji patterns. It is a bearish reversal pattern represented by one candle. This candle has the shape of a Doji with a long lower wick and no upper wick. Therefore signalling buy points.
Short term
Supports—> S1: 0.25 & S2: 0.20
Resistances—> R1: 0.30 & R2: 0.47
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.57 & R4: 0.68
Potential scenario
The chart shows us the XRP behaviour over the last year. It has ranged from a maximum of 0.79 to a recently reached minimum of 0.24. It is currently being held on S1 at 0.25, a key price level that has been acting as a resistance before the 2017 bull run and as an important support during the whole bearish market. \u2028S1 has proved to be a strong support over the last year and a half, and it is very likely that will keep preventing further falls. However, if this support is broken, we can expect the XRP to test S2 at $0.20.
TA comment
An important part of the cryptocurrencies started surging again last April. Ripple even reached 0.50 and thereafter, it went back down and even made a new yearly minimum at 0.237. Since the crypto market and community seems to be getting ready for a new bull run, we can make use of a quick moving average like the WMA (Weighted Moving Average), using it as our long-term moving average. Therefore, if the XRP makes a sharp and long move upwards as a potential sign of a bull run, our hopper will open long positions when the short moving average (green) crosses up the long one (orange).
Pattern
As said in the section Potential scenario, the price is continuously being rejected by S1. During these rejections there have been several Dragonfly Doji patterns. It is a bearish reversal pattern represented by one candle. This candle has the shape of a Doji with a long lower wick and no upper wick. Therefore signalling buy points.
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