- XRP recovers slowly after temporarily falling below the key support of $0.25 and gains + 0.73% in the last 24 hours.
- The XRP / USD pair remains close to the monthly minimum position of $ 0.2499.
- Overall, bullish sentiment predominates 71% of cryptocurrencies with Crypto Fear / Greed Index Status: Extreme Fear and Value: 24/100
- MarketCap has gained + 0.95% in the last 24 hours, which represents a capital gain of just over $ 4 billion.
The token of the San Fransisco based company Ripple, XRP, has depreciated against the US dollar during the last thirty days after touching a monthly maximum of $ 0.55 which was the breaking point for a spinball that allowed it to be in a descending zone until now.
XRP began the month of August trying to break the Fibonacci retracement level of $ 23.6% to $ 0.312, but it hardly managed to maintain it a week later with a strong short breakdown to $ 0.2375. From there, it has sentenced its downward trajectory with a key resistance that remains at the previous fibonacci level of $ 0.31.
XRP has tried for now to successfully break the area for a short strategy established for the token between the levels of $ 0.255- $ 0.341 with a key support at the current price of $ 0.2554.
The hope of a possible breakdown of the downward pattern in the Binance 1D chart was not possible during the last week of the second month of Q3 2019, but filled with the feasibility of raising prices accompanied by good news.
The possibility of bullish run sets in for token as many analysts predict, but it is still not entirely clear.
While the bearish sentiment is changing slightly and the bulls are attacking the market, we can still see a more bearish movement in the fractal of the token with levels close to the $ 0.181 area. This projects high levels of Fibonacci and a continuity of the strategy in ‘shorts’ to obtain maximum benefits of up to two digits, close to 29.42% .
We reinforce the above with a main Fibonacci in the Poloniex 1M chart and the result is quite daunting for the token at least in the medium term.
A possible next support is placed at levels of $ 0.1246 with two more in the background that have never been tested at levels of $ 0.051 and $ 0.021. This will be our worst case scenario and the stop loss to be taken into consideration for a short term strategy.
In relation to the XRP/BTC pair in the Poloniex 1M chart, strong support at 0.00000407 seems feasible in the medium term, confirming bearish fears for the token as illustrated in the previous charts.
If XRP does not break this trajectory as soon as possible, then the depth in its prices will be a reality rather than a possibility and the gains in short strategies can be even greater.
XRP Technical Indicators
AO @ 1H: The Awesome Oscillator indicator has begun to decrease the frequency and amplitude of its bullish wave and new red histograms are present pointing out the bearish path that predominates to XRP.
RSI @ 1H: The RSI for XRP / USD has left the purchase area and begins with firm step to the sales area much earlier than expected perhaps by investors. Bearish moment around the corner.
Main support level: $ 0.2496
Major Resistance Level – $ 0.2601
