In this article, we present technical analysis of Ripple July 2019 with charts and discussion. We go through monthly, weekly, daily and hourly charts.
Brad Garlinghouse, Ripple XRP CEO, announced a strategic partnership between the San Francisco blockchain based startup for global remittance (Ripple) and MoneyGram, one of the largest money transfer companies. Garlinghouse said the partnership which is for an initial two years, will enable MoneyGram to improve its operations as well make Ripple a key partner for foreign exchange settlement and cross-border payment using digital assets.
Coinfirm, a Redtech firm will be examining Ripple XRP’s compliance with (AML) Anti-money laundering provision.
Let’s see how the technical charts interpret these significant events.
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Technical Analysis of Ripple July 2019: Monthly Chart
Let’s check the technical analysis in the Ripple (XRPUSD) monthly chart.
When compared to other cryptocurrencies in the space, the Ripple XRP has not made a good enough recovery out of the crypto winter as illustrated on the above monthly chart. The XRP price has not yet reached the critical 0.236% Fibonacci retracement level; however, the pair has established a sound support level at 0.24653 after a bear trap pattern was formed on 01 September ’18.
It later set up higher low support at 0.28534 following a break above selling resistance on 01 May ’19. The XRP price hits resistance at 0.510 and closed bearish last month.
We’ll see more of the buildup on the lower intraday charts.
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Technical Analysis of Ripple July 2019: Weekly Chart
We move forward with technical analysis of Ripple July 2019 with this weekly chart.
Following a breakdown of a bullish accumulation from a high of 0.5700, the XRPUSD pair established bullish support from a counter breakout of bearish accumulation 17 December ’18, marking an end to the crypto winter of 2018.
An increase in buying pressure on 11 March ’19 sets sound support at 0.29521, followed by a bear trap on 29 April ’19, together with forcing the price to a height of about 62.0%.
The pair enters into a series of deep parabolic swings after the initial bullish thrust on 13 May ’19, which formed an expanding bullish channel.
Technical Analysis of Ripple July 2019: Daily Chart
Above we see the daily chart of XRPUSD with comments of the technical analysis.
An expanding channel is formed on the above daily chart signaled by opposing bearish and bullish divergence patterns on 26 June ’19 and a tentative hidden bullish divergence. The channel is established following an earlier double bullish accumulation pattern was signaled on 25 May ’19 with support set at 0.3720.
Technical Analysis of Ripple July 2019: H4 Chart
Ripple XRP exited the overbought area on June 23 ’19 03:00 after about 18.0% increase in price from a bullish accumulation on June 20 ’19.
It’s been a rollercoaster from that point as the pair entered and exits oversold area on June 28 ’19 alongside signaling a breakout of bearish accumulation resistance.
At press time, the XRP price flags a double bottom pattern, showing a continuation of the bullish rally.
Check out an update to the 4hour chart at the conclusion section of this post.
Technical Analysis of Ripple July 2019: H1 Chart
Similar to the 4hour time frame, the 1hour overview of the XRPUSD signals an increase in buying pressure, confirmed by a breakout of bearish resistance on June 27 ’19 13:00, following a 14.0% price decline.
With the total cryptocurrency market capitalization making a massive 30% dip from a high of about 387.4 Billion USD, the general outlook of the cryptocurrency market still looks bullish.
Below is an update to the 4hour time chart which shows a regular bullish divergence signaled on 02 July ’19 07:00, setting support at 0.38414.
Here is a highly probable bullish entry setup to buy some XRP.