Ripple: than bearish breakout of XRP is fraught in the future
XRP / BTC made a bearish breakout of the descending triangle.
Immediate support is marked at 1500 Satoshi.
XRP / USD also broke below the long-term upward support line.
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In early May, both XRP / USD and XRP / BTC made a bearish breakout of important support levels. it can serve as an indication that the previous uptrend phase has come to an end.
He pointed out that the price is holding near the bottom and can bounce from here:
“I expect the price to make a decent bounce somewhere in the green zone. Perhaps XRP can buy already now, but given the fact that the price has reached the lower boundary of the indicated support, I will be careful for now “.
Let’s analyze XRP dynamics and try to figure out how realistic such a rebound is..
XRP rate since July 2019 of the year bargained over support area of 2500 satoshi. Although the price tried to bounce off of this level, each subsequent bounce turned out to be weaker than the previous one. In the process, a descending triangle formed on the chart.
In the beginning of May market, finally made a bearish breakout of this pattern. it move was expected as the descending triangle considered bearish reversal pattern, and the indicator RSI gave strong signals of hidden bearish divergence.
However, the nearest support area, as it seems to us, is located at district 1500 satoshi, not 2000, as stated in the above tweet.
On a short timeframe can see what the price is really could start a bullish move soon. Here the market has formed a short-term double bottom, which is supported by signals bullish divergence by RSI. This can determine the beginning growth prices for testing the level of 2500 Satoshi, under which she only what fell.
However, after that XRP will continue to decline in the direction earlier the mentioned support level 1500 satoshi.
XRP / USD
On moment writing price traded between support and resistance at $ 0.185 and $ 0.205, respectively. Couple may yet touch once areas resistance, after which drop to support. This is consistent with the likely scenario described us above.
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