XRP - 6h. Positive scenario only after consolidation above $1.07

31 мая 2021 г.

The weekend trading in the crypto market turned out to be quite passive. Of course, it is much more comfortable for investors to be in the market, which drifts without volume within the limits of consolidation, since the weekend of May 22-23 was the most depressive. However, for us personally, the situation with low volumes on a potential local bottom is somewhat alarming. Of course, on the one hand, this can be interpreted as exhaustion of sellers and stopping the downward trend. However, there are no positive signals from buyers yet. The current attempt at growth is taking place at low volumes and within the limits of consolidation may just as successfully fall down. We decided to start this XRP idea with just such an introduction, in order to lower the rose-colored glasses to those market participants who are 100% convinced that the correction has already ended. At such moments, we are as attentive as possible and monitor the critical points of trading instruments.

Ten days ago, we published a global XRP idea on a large timeframe, which is working out well at the moment:

Sellers were able to push the XRPUSDT price below the global trendline. The current attempt by buyers to bring the price back within the comfortable trend channel will be considered successful if the price consolidates above $1.07. In the range of $1.02-1.07, sellers met serious resistance when the price fell on May 19. Therefore, taking control of this range by buyers will be a wonderful signal of their strength and ambition to continue to rise. In this scenario, we expect the first short-term target at $1.55-1.6.

If we look at XRPUSD on a larger timeframe, we see that this target is the first on the way to a possible renewal of the historical high:

A successful test of the range of $1.2-1.25 will be a signal to buy XRP. Having kept this range, in which the trend line will roughly pass, the buyers will confirm their serious intentions for the mid-term. In this case, we will expect a test of the historical maximum and even its probable renewal.

It is worth noting that when the price of BTC fell, starting from Friday, other coins behaved quite decently. Altcoin prices held up much better. Therefore, there is a high probability of the start of powerful new coin shots while the price of BTCUSDT hovers in global consolidation after the recent crash. For example, the XRPBTC chart also hints at this:

If we pay attention to the gray range, we see that during the last wave of growth, buyers are trying to take control of it by organizing consolidation there. In 2019, it was this range that stopped the XRPBTC trend for 8 months. At the moment, buyers were able to hold on to it and the way for a new upward impulse is open.

Therefore, despite some disappointment of the crypto market participants, we expect new local growth waves, however, we adhere to clear critical points and risks.
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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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