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XRP Continues Range Trading in Uncertain Trend

2 mins
Updated by Kyle Baird
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In Brief

  • XRP is trading between long-term support and resistance at $0.33 and $0.68 respectively.
  • The price is likely still correcting.
  • XRP/BTC is facing resistance at 1,550 satoshis.
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XRP initiated a rapid upward movement on Feb. 2, but was promptly rejected and has failed to close above a long-term resistance area.

The direction of the trend for XRP is uncertain, but it will most likely complete one more leg down before an eventual upward move.

 

XRP Range Trading

The weekly chart shows that XRP has been twice rejected by the long-term $0.68 resistance area — most recently on Feb. 1. It has created long upper wicks each time.

After the rejection, XRP dropped sharply and has nearly reached the $0.33 support area.

Technical indicators are relatively neutral, failing to provide a direction for the trend.

XRP Weekly
 XRP Chart By TradingView

The daily chart does nothing to clarify the trend.

XRP seems to be trading in a short-term range between $0.35-$0.50. It’s closer to the lower end of the range currently.

Technical indicators are somewhat bullish, indicating a possible increase towards $0.50. However, we cannot yet determine if XRP will break out.

XRP Trading Range
 XRP Chart By TradingView

Wave Count

Cryptocurrency trader @TheTradinghubb outlined an XRP chart. The overview indicates that XRP has possibly finished its correction and has begun another bullish impulse.

XRP Wave Count
Source: Twitter

However, the Feb. 1 movement casts some doubt on this possibility, suggesting that XRP is still correcting.

While the long-term count (white) is still bullish, it’s possible that XRP is in an A-B-C corrective structure (orange). It appears to currently be in the C wave.

If waves A:C have a 1:1 ratio, XRP would reach a low of $0.15 before moving higher.

We do not yet know if this is a running or irregular flat correction. Therefore, we cannot determine if the C wave will fall below the A wave.

XRP Wave Count
 XRP Chart By TradingView

XRP/BTC

The XRP/BTC chart shows that despite making a breakout attempt, XRP has fallen below the 1,550 satoshi resistance area.

Technical indicators are relatively neutral, similar to the USD pair.

Nevertheless, until XRP reclaims the 1,550 satoshi area, we can consider the trend bearish. XRP/BTCXRP Chart By TradingView

Conclusion

The direction of the XRP/USD trend is uncertain, but another drop back is the most likely scenario.

XRP/BTC is bearish until it manages to reclaim 1,550 satoshis.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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