Here is my take on XRPUSD - as I know a lot of people hold or trade this coin. I done some analysis last week on this pair, and price hasn’t moved that much since, but here are the key levels I have marked up.
Overall, I am still bearish on Crypto (see my analysis on BTCUSD from yesterday). I am not ruling out another big drop to the downside. Should this happen, Altcoins usually follow.
The level that stands out for me right now is the 0.20-21 region, and we may see some downside from here. In this area alone, we have a supply area, a round psychological number (0.20) and the 50 EMA on the Daily. A good number of confluences to send price down.
The second area that stands out to me is the 0.27749- 0.2850 area - another supply zone where price has fell previously. We may see a reaction at this level.
The final supply zone I have marked up is the 0.3362-0.34725 area. This is an area that we should pay close attention to, as this is where price has collapsed recently (15th February) - the highest XRPUSD has been since July 2019.
A key demand area to look out for is the 0.11336-0.12 area. This is where price fell to recently in the latest Crypto crash. Should we see some more downside to this area - this could be a key level to buy (or hold coins).
I have marked on the chart key psychological numbers that you should keep a close eye on (0.10, 0.20, 0.30). If you trade Crypto often, you may already know that traders react to key levels such as these - for example Bitcoin tends to react violently to the 10,000 level.
Hope this helps, let me know what you think below.
SOme excellent information and really good to get an insight in to crypto levels i have been working hard on standard trading but definitely something i will look at in the future.
Do you ever look at volume? Less than 200 M in the last 24 hours. Where does that sit compared to other weeks? At that volume, don’t whale trades pretty much cause havoc? Do you worry about that?
I tend to use the volume profile tool on Trading View, it’s pretty handy to see how much volume was distributed at certain levels. They looked like decent levels in terms of volume too - just not on the chart as it would look cluttered.
Great analysis. I’m with you on another drop. I don’t think we will see a decent bull run until we see the back of this virus. With Bitcoin halving coming up though, who knows what will happen… It could push the whole crypto scene upwards.
The Bank of France said that the XRP concept will serve as the basis for the creation of digital currencies of the Central Bank. A new private payment system based on Ripple is being created.
Ripple also intends to upgrade its platform.
This information came to me from the StormGain trading terminal. It is recommended to buy in the short term with a target of 0.2000.
Looks like this is an experiment only. The bank has emphazied this is a short term project. And it will select up to 10 candidates to research further. XRP is not the “winner”.
Hi,
When you wrote this post, I would not have known what an Alt Coin was if one had bitten me on the hand. Since May 2020, I have become quite heavily involved and now have an Alt coin portfolio that will grow over the next two years to as much as 5% of our assets. If you still track the Alts, I’d like to know if you have an update. Because your graph of areas of interest has not changed in four months, and to me that is a good indication of a knowledgeable author. More please, if you have the time and interest. Thanks in advance.
BTW, I have been accumulating XRP since mid May, and have bought five times since then. I did not start with a large sum. I am “dollar cost averaging” my foray into Crypto. The 80% market crash in 2017 looked a bit scary to me, so better to ease my way in with small change and walk before I run.
Hi Petezaa,
At risk of getting off track from the title of this (XRP analysis and thoughts), it may be more appropriate to start new threads. I’ll request thoughts on three only. BTC, ETH and LINK, since they are most likely of interest to other members too. Thanks in advance
