XRP Technical Analysis: $1.1 Test Is Just Around The Corner

The last trading week on the XRP market on 21 February showed that it is too early to bury the chance of cryptocurrency growth. Although the price of the weekly candle from 21 February closed below the opening price, buyers showed their presence and interest. Confirmation of this opinion is the pin, which was formed as a result of an attempt by sellers to break the $0.55 mark and continue to fall. The new trading week has covered the body of the previous weekly candle and now there is a struggle for the $0.8 mark. https://www.tradingview.com/x/p7cGia89/ In the previous analysis on 3 February, we wrote that this is the first target we expect. Buyers were able to exceed our expectations and set a local high of $0.9168. However, so far the $0.8 mark is under the control of sellers. So far, this is the only problem that separates the XRP price from the $1.1 test. Globally, the XRP price is moving in a consolidation triangle. And at $1.1 there the upper trend line of this triangle passes. If buyers are unable to break this mark – the risk of a collapse in the XRP price will increase significantly. In this case, you should expect the first target of $0.55 and the final $0.25. Since the beginning of February, the trading volumes in the XRP market have increased. Of course, it is still far from the trading volumes in the period January – May 2021. Though, this fact indicates the local interest, which will allow buyers to test the mark of $1.1. Technical Analysis Of XRP On The Daily Timeframe https://www.tradingview.com/x/vsXj4Rry/ Analyzing the price movement on the daily timeframe, you can see a clear unsuccessful attempt by sellers to seize the initiative in the XRP market. On 24 February, when there was a terrible news background, the war in Ukraine began, a large number of small investors began selling XRP. However, the big player with limited orders kept the price and as a result the local low from 22 January. At the moment, the new XRP wave growth looks rather sluggish. If buyers are unable to take control of the $0.8 mark in the coming days, a correction to the $0.67 mark will begin. This is the local critical point below which the current growth wave will end. If buyers keep the $0.67 mark, we will see a new attempt to break the $0.8 mark. At the moment, this is the worst-case scenario, which still assumes the price growth to $1.1. The XRPBTC Price Retests The Main Support https://www.tradingview.com/x/BBAQmHIF/ For the fourth week in a row, the XRPBTC price has been trading above the trend line controlled by sellers since May 2021. Currently, the XRPBTC price is testing a critical range of 0.0000166. This range from June withstood all attacks of sellers. If the test of this range passes without any problems and we do not see a decrease in price below this range – we expect a powerful new growth wave. The first target of this XRPBTC wave price growth is 0.0000274. The final target is 0.00004.

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