XRP - 6h. Local reversal from the range of $1.8-1.86.

3 במאי 2021

The end of the active growth wave in the Ripple (XRP) market on April 14 took off the rose-colored glasses from investors. Setting a new local high at $1.96 has returned confidence to XRP connoisseurs in a non-corrective rise in the coin to $10. This goal was once popular among XRP fans. Of course, everything is possible in the crypto market, but today a short-term forecast awaits us. As we can see on the daily chart, a liquid zone has formed in the range of $1.8-1.86, where sellers are actively selling XRP:

For 3 days from April 13 to April 15, buyers tried to take control of this range. However, sellers managed to start a correction and quite sharply lower the XRP price to $0.886. In the previous idea, we predicted a drop in the XRP price to this range:

Buyers managed to stop the XRPUSDT price drop and now the buyers' counterattack continues. However, as we can see on the chart, this counterattack continues at low volumes. Each subsequent local maximum is updated at lower volumes. Each subsequent local impulse is weaker than the previous one. The price is clearly starting to slow down before the liquid range of $1.8-1.86:

As you can see on the 2 hour timeframe, a sharp attack of buyers turned into an inclined trend channel. The breakout of the local range of $1.5-1.55 means that the buyers' attack is completed and a new impulse to fall begins.

At the moment, a positive scenario in the XRPUSD market is the continuation of the price movement within the triangle with the aim of breaking it upwards with a target of $3. To support this scenario, buyers should not be allowed to drop below $1.1-1.2.

The negative scenario in the XRP market is a deep correction to $0.74-0.77. In this scenario, the seller will test the global trend line of the growth channel, in which the price has been moving since December 2020.

Given the high probability of a new wave of decline in the BTC market from the $ 60,000-61,000 range, we are in no hurry to buy this coin. When the price has tested the range of $1.1-1.2 we will release a new idea.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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