XRP Technical Analysis Weekend Recap: Re-Focus on XRP, 3 Bullish Reasons Why

If we may ask a legitimate question, what is draining crypto valuation and XRP in particular? With every new low, there is saturation of theories—flimsy and authoritative. No matter the explanation, it doesn’t really matter because at the end of the day, prices are down and your investment in XRP is taking a rather painful hit.

Today we summarize why, despite all the down turns, there are valid and encouraging reasons to stay put and wait for the next big XRP bullish run:

XRP Technical Analysis

Overly, without sounding too repetitive, XRP traders are literally struggling to turn a profit-either long or short. It has been so for the last 61 days following that strong bearish engulfing pattern of June 22. From a technically angle, we have been treating that bar as a bear break out and why not? Its trading range is wide and volumes high.

But, for confirmation of that trade pattern and in line with our previous XRP technical analysis, we need strong break below 40 cents. The area between 45 cents and 40 cents marks our support and only then could we begin initiating shorts with targets at 15 cents. We were anticipating that to happen before the weekend but XRP for some reason found support and is up back and trading within a tight trade range. This means we are back to neutral.

All I’m saying is that we should be positive until after we see strong, convincing breaks above 55 cents. That’s when we should begin ramping XRP longs. Remember: the longer price accumulates, the stronger the break out, we have seen this happen many times before.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.