RIPPLE: Is the recovery over?
Technical analysis of Ripple (XRPUSD) - viewing in the H4 chart
Starting from the 3-month low at USD 0.5097 in June, Ripple started a recovery rally to USD 0.7331. Since this three-wave recovery, the price has been crumbling again. The previous low of the correction from the correction was marked last week at USD 0.5920.
Critical support in sight
In our opinion, the slow downward momentum to date still leaves scope for a further wave of recovery. The condition for this, however, is that the critical support can be defended at USD 0.5815. At least one serious test of the aforementioned support is likely in the short term. A sustained slide below that would make us favor the bearish scenario, which is a continued decline in the price towards the previous correction low at USD 0.5097. We believe that the significant shortfall would signal an immediate continuation of the higher-level sell-off from the record high in the direction of the USD 0.32-0.43 zone.
Trigger zone on the top
To generate a bullish connection signal, the coin would have to dynamically move the short-term critical resistance zone at currently USD 0.6500-0.6700 out of the way. If successful, we see further recovery potential in the direction of initially 0.7220-0.7331 USD, 0.7750-0.8050 USD and 0.8536 USD.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
Starting from the 3-month low at USD 0.5097 in June, Ripple started a recovery rally to USD 0.7331. Since this three-wave recovery, the price has been crumbling again. The previous low of the correction from the correction was marked last week at USD 0.5920.
Critical support in sight
In our opinion, the slow downward momentum to date still leaves scope for a further wave of recovery. The condition for this, however, is that the critical support can be defended at USD 0.5815. At least one serious test of the aforementioned support is likely in the short term. A sustained slide below that would make us favor the bearish scenario, which is a continued decline in the price towards the previous correction low at USD 0.5097. We believe that the significant shortfall would signal an immediate continuation of the higher-level sell-off from the record high in the direction of the USD 0.32-0.43 zone.
Trigger zone on the top
To generate a bullish connection signal, the coin would have to dynamically move the short-term critical resistance zone at currently USD 0.6500-0.6700 out of the way. If successful, we see further recovery potential in the direction of initially 0.7220-0.7331 USD, 0.7750-0.8050 USD and 0.8536 USD.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
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