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Technical Analysis for XRPUSD for 1st September 2022

Ripple Edging Lower, XRP Upsides Capped at $0.35

Past Performance of Bitcoin

According to the candlestick arrangement in the daily chart, Ripple prices are trickling lower at spot rates. Even though fundamental factors may align to prop buyers, technical charts point to strong and determined sellers. The immediate reaction points remain at $0.35 and $0.30, and XRP prices are within a bear continuation.

Bitcoin Technical Analysis

According to the daily chart, sellers are dominant, and XRP bulls have failed to slow down further price drops. The August 26 bear candlestick diffused bulls' momentum and concurrently confirmed losses of August 19. Subsequent losses meant traders were aligning with the primary trend. The selling pressure remains high as bear bars are riding the lower BB, suggesting participation from traders. As such, aggressive traders can initiate positions to mirror the current trend with immediate targets at $0.30. Any surge above $0.35 disqualifies this preview, allowing for XRP recovery.

What to Expect from BTC

The primary trend is bearish, and traders can initiate shorts on every pullback in lower time frames. As long as XRP prices are below $0.35 and defined by the August 26 bear candlestick, sellers will have the upper hand.

Resistance level to watch: $0.35

Support level to watch: $0.30

Disclaimer: Opinions expressed are not investment advice. Do your research.

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