Ripple (XRP) Primed For Further Upside Against Bitcoin (BTC) | ELEVENEWS
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Ripple (XRP) Primed For Further Upside Against Bitcoin (BTC)

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Ripple (XRP) declined to its 38.2% fib retracement level against Bitcoin (BTC) and is now preparing for a trend reversal. The daily chart shows that the price is still far away from the 50 day exponential moving average but if it rebounds successfully off the 38.2% fib retracement level, we could see it shoot towards the top of the descending triangle. It is important to note that Ripple (XRP) remains at risk of a major correction long term but short-term, it is primed for further upside against Bitcoin (BTC). Considering that BTC/USD is also primed for a rally towards $10,000 in the near future, it might be a good idea to consider going long on XRP/BTC to better capitalize on the upcoming rally. The price could also form a bull flag if it continues to trade sideways for the next few weeks.

As the daily chart shows, there is plenty of room for XRP/BTC to go up. We could see Ripple (XRP) keep investors hoping for the altcoin season even towards yearend. Cryptocurrency investors must realize that just as the price of cryptocurrencies, we have overhyped a few other things. For instance, a lot of analysts lay a lot of emphasis on four year cycles and the upcoming halvening. This is largely based on the assumption that the ongoing cycle will resemble the cycle that preceded it in terms of price growth and the time it takes. However, as we have seen so far, it is becoming clear that we are not in the 2015 part of the last cycle as the ongoing cycle will be longer than the previous cycle. This means that investors should really reconsider that we are on the cusp of a new bullish cycle. That being said, as aforementioned, the price is primed for a short term rally to the upside.

Ripple (XRP) is struggling to break past the 50 week exponential moving average. This week’s close is going to be critical to determine which way the price is going to go for the next few weeks. The trend line resistance is yet to be broken but the price has been consolidating around the 50 week exponential moving average for the past few weeks. As we have mentioned in our previous analyses on Ripple (XRP) a fake out or false break out to the upside cannot be discounted.

There is no reason to think that XRP/USD is about to start a new bullish cycle yet but if this trend line resistance is broken, a lot of retail investors will turn bullish again and will likely get trapped as the whales dump on them before the long awaited correction kicks in. Ripple (XRP) has been the face of controversies for the past few months. The price is currently in a make or break zone. If it breaks this trend lien resistance, we could see it rally higher in the weeks ahead till Bitcoin (BTC) tops out, but if it closes below the 50 week EMA; we could see the price decline towards $0.26 in the weeks ahead.

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Ripple (XRP/USD) forecast and analysis on June 27, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.4726. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on June 27, 2019

As part of the Ripple course forecast, a test level of 0.4640 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5140. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4550.

Ripple (XRP/USD) forecast and analysis on June 27, 2019

Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4420 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on June 27, 2019 implies a test level of 0.4640. Further, growth is expected to continue to the area above the level of 0.5140. The conservative area for buying Ripple is located area of 0.4550. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4420. In this case, we should expect the continuation of the fall.

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Ripple signs a deal with AML solutions provider

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  • Ripple announced a partnership with startup Coinfirm. 
  • XRP is under selling pressure amid the downside correction from the recent highs.

Ripple, the company behind the third largest digital asset with the current market capitalization of $19.7 billion, has announced a partnership with Coinfirm, Forbes reports. This startup creates technological solutions to help cryptocurrency companies ensure compliance with regulatory requirements. 

When it comes to Ripple, Coinfirm will supply information related to anti-money-laundering (AML) rules. For example, it will show if the coins are connected to a hack, or if the transaction has been processed by a so-called mixer, a technology that is widely used to launder money.

Coinfirm CEO Pawel Kuskowski explained that actual identities of the parties involved in the transactions would not be revealed. This solution will make Ripplecompliant with the recent requirements of the Financial Action Task Force (FATF). 

Meanwhile, XRP/USD is changing hands at $0.4560, down 2% on a day-on-day basis and mostly unchanged since the beginning of Thursday trading. The coin hit the area above $0.50 on the weekend and has been sliding down ever since. The nearest support area is located at $0.4280. This barrier is strengthened by 23.6% Fibo retracement and SMA200 (Simple Moving Average) 4-hour.

XRP/USD, 4-hour chart

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Bitcoin Correcting Gains While Ripple Price (XRP) Struggles To Hold Support

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  • Ripple price failed to climb above the key $0.4950 resistance level and declined against the US dollar.
  • The price broke the $0.4700 support and it is currently struggling to hold the $0.4500 support.
  • There was a break below a major bullish trend line with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum price corrected gains, but it is holding the key $320 support very well.

Ripple price is struggling to hold a few important supports against the US Dollar, while bitcoin is correcting gains. XRP price remains at a risk of more losses below $0.4500.

Ripple Price Analysis

Recently, bitcoin price climbed sharply above $13,000 (as discussed yesterday), but ripple price struggled to gather pace against the US Dollar. The XRP/USD pair climbed above the $0.4800 level and traded close to the $0.5000 resistance. However, the $0.4950 resistance area acted as a strong hurdle for the bulls. A swing high was formed at $0.4947 and the price recently declined heavily.

There were back to back bearish candles below the $0.3800 support. Ripple price even traded below the $0.3700 support. Finally, there was a close below the $0.4650 level and the 100 hourly simple moving average. A swing low was formed near $0.4521 and the price is currently consolidating losses. An initial resistance is near the $0.4620 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low.

However, the main resistance is near the broken trend line and $0.4700. Moreover, the 100 hourly simple moving average is also positioned near the $0.4700 level. Finally, the 50% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low is at $0.4735 to prevent an upward move. If there is a close above the $0.4750 level, ripple could rise towards the $0.4950 level.

Conversely, if XRP continues to struggle below $0.4700, there could be more downsides. An immediate support is at $0.4520, below which there is a risk of a downside break below the $0.4500 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly facing a strong selling interest below $0.4700. If the price stays above $0.4700, there could be more losses. On the other hand, if bitcoin price climbs higher again, it could stop declines in ripple below the $0.4500 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish angle.

Major Support Levels – $0.4520, $0.4500 and $0.4450.

Major Resistance Levels – $0.4620, $0.4700 and $0.4750.

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