The Ripple XRP token was the favorite of the encryption markets 24 hours ago with unbridled speculation that the cryptocurrency will finally take its place in the Coinbase exchanges. But it was not like that.
The prices reached a maximum of 12 days of $ 1.08 before Coinbase poured cold water on the enthusiasm, making clear through Twitter that it does not intend to add XRP to its existing peers.
Fueling the rumor, there was talk that Ripple CEO Brad Garlinghouse and Coinbase president and COO Asiff Hirji will appear together on CNBC’s “Fast Money” on Tuesday. Later, an article by CNBC confirmed the appearances but said they were separate and unrelated interviews.
The twin rebuttals appear to have detracted from the XRP rally, bringing prices to a low of $ 0.93 shortly before press time. The cryptocurrency has now dropped 11.58 percent in 24 hours.
More generally, Korean exchanges are boosting the volume of XRP operations, with Bithumb, Upbit and Coinone accounting for about 38 percent of the total seen in the last 24 hours.
The analysis of the price chart indicates that the 12-day reversal of yesterday has weakened the bulls, but the slightest of the positive comments from Ripple’s CEO, Garlinghouse, could place an offer under the cryptocurrency once again.
The picture above (according to Bitfinex) shows:
- XRP found offers above the downtrend of the trend line (extracted from the January 28th and February 17th highs) and closed (according to UTC) at $ 0.93, which adds credibility to the moving average of 50 days bearish (MA) and the 100- day MA crossing.
- The tilt of the token below the support of the rising trend line (from the low of December 7 and the minimum of February 6) has weakened the bulls and opened the doors to a fall of $ 0.86 (Fibonacci retracement 78.6 percent from the minimum of December 7, January 4).
- The Relative Strength Index (RSI) is bearish bias (below 50.00).
A closer look
While the daily chart seems to favor bears, only a daily close (according to UTC) below $ 0.8610 (Fibonacci retracement of 78.6 percent) would confirm a bearish reversal and could drop a fall to the MA of 200 days at $ 0.65.
On the bull side, a high-volume break above the 100-day MA of $ 1.10 would indicate a continuation of the rebound from February 6 lows below $ 0.57 and allow a stronger rally to $ 1.38- $ 1.40.
XRP / BTC chart
- The breakdown of the descending triangle confirmed on February 28 signaled the continuation of the sale from the record of 0.000229800 BTC (maximum of January 4).
- The failure to cut the resistance of the Fibonacci retracement level of 61.8 percent seen yesterday has strengthened the bear case.
Therefore, it is likely that XRP / BTC will exceed the March 3 minimum of 0.000078 BTC and lower to 0.00006151 BTC (December 26th minimum).
On the upper side, a daily close (according to UTC) above 0.000095175 BTC (61.8 percent retracement of Fibonacci) would indicate the bearish invalidation.