Ripple Price Analisis: Obvious loss of impulse in front of its companions on the podium
|- XRP/USD loses momentum against BTC/USD and ETH/USD.
- The market closes the day in Europe losing its bullish strength.
The XRP/USD begins to show weakness in its technical structure against Ethereum and Bitcoin.
After several sessions in which the relative performance of the Ripple against its colleagues in the Top 3 has surprised its own and strangers, it seems that their energy runs out.
The technical indicators began to deteriorate yesterday at midday, and today they clearly show that from now on both Bitcoin and Ethereum can do better than Ripple.
This structure flip does not mean that XRP begins to fall and Bitcoin or Ethereum to rise. It conveys a message that from now on and during the following days the latter will outperform Ripple. If the market falls, they will fall less. If it continues to rise, they will increase more.
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XRP/USD Daily Range.
The fall we saw yesterday in the XRP/USD price was especially damaging. Ripple is at a crossroads of trends and after yesterday's fall went into an expanding triangle whose bottom side is the long-term projection of the downtrend channel. The upper side of the triangle is the accelerated uptrend line that now serves as the roof of the triangle.
This scenario limits the upside, so should the slight bullish tone of the market consolidate today, the XRP/USD may see its upside potential quite limited.
XRP/USD 240 Minutes.
The XRP/USD is currently trading at the $0.4442 price level, after several attempts to move above the trend line that limits the upper side of the scenario. For now, it has failed in all efforts to close above.
Below the current price, the first support is at $0.443 (price congestion support). If this level is lost, the second support awaits at $0.425 (price congestion support). The third support at $0.413 (price congestion support) sets the limit for levels not visited since October.
Above the current price, the first resistance at $0.447 is the most important, as it would allow the XRP/USD to gain space above. If it manages to break this level, it has a reasonably clean area ahead of it up to $0.4766, where the SMA200, the EMA50 and the trend line that has guided the rise since the year's lows will once again slow its upward evolution. The third resistance level is at $0.4957 (SMA100).
The MACD at 240-Minutes shows a premature bullish cross structure, so it is not possible to venture when the cross could occur.
The 240-Minute DMI shows bears below the ADX line, a pattern that usually indicates that the bearish trend is weakening. The bulls react to the rise but without reaching the level 20 that suggests the existence of trend force.
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