XRP/BTC Analysis 08/19/2018

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XRP/BTC Analysis 08/19/2018

Posted on August 18th, 2018 in Technical Analysis by Ryan Warner

XRP experienced good gains as Bitcoin moved up recently, and with all the recent news good for the cryptocurrency its rise was not unexpected. Now that XRP has tested the first level of resistance where do we see it going now?

XRP saw a dramatic rise up to 5726 sats on Friday wicking above the first level of major resistance in the pair. Pullback after achieving such a tremendous gain was expected with XRP starting to form a cup after hitting a low of 4960 sats.

With the RSI and CCI indicators showing a second lower high and drop in volume XRP is expected to pullback further toward the trend line near 5000 sats. If the bulls are successful at maintaining the support level there and if Bitcoin maintains its bullish sentiment it's likely the pair will move above the 5500 sat resistance to test the next major resistance level of 6100 sats.

Buyers should look for the pullback before taking new positions. If the pair moves above 5500 sats in the short-term and closes a 4-HR candle above this level traders can look for a push to test the resistance at 6100 sats.