Since mid-April, XRP market has entered a correction, where it is to this day. The behavior of XRPUSDT buyers is quite similar to the behavior of most coins in the crypto market. Unlike ETH and a few other coins that have managed to update their highs, the XRP price has been stuck in consolidation. If we analyze the daily timeframe, we can see that a new attack of buyers began in January 2021:
The chart shows that this growth wave can be separated by the mark of $0.75. It was this mark that stopped the attack of buyers and sent the XRP market to a 2-month consolidation. Therefore, the range of $0.75-0.8 for us is the main support of buyers in the event of a powerful correction in the entire crypto market. In addition, the global trend line of growth runs in this range. During 5 months of growth, sellers tested this trend line twice: on 27 January and 24 March. In these two cases, after the trendline test, the XRP price began a frantic upward impulse of at least 200%. Therefore, for long-term investors looking to enter the XRP market, we would advise to consider the range of $0.75-0.8 as a purchase range. At the moment, the probability of testing this range is good.
Buyers withstood the first hit of the XRP price
If you look at the Ripple market locally, you can see that yesterday’s fall wave stopped in consolidation, with which buyers began to grow on 26 April:
This consolidation range was a local critical point for us, which we wrote about in our previous idea.
It was the behavior of people in the range of $1.1-1.2 that should have shown what medium-term scenario of XRP price movement awaits us. Considering that buyers have closed a panic candle of sales with a pin down, the probability of continuing consolidation until the end of May is quite high. In this scenario, a new powerful growth momentum of XRPUSDT price awaits us with a target of $2.4-2.6. A good signal to work out this scenario will be the XRPBTC price fixing above the global downward trend midline:
The chart clearly shows that buyers are trying to gain a foothold in the range of 0.00002400-0.00002600. Therefore, at the moment, this scenario will be the main one for us.
An alternative scenario will take effect if the BTC price fixes below $48,600. In this case, above $0.75-0.8 we will not buy this coin.
