Last week’s Wyckoff accumulation theory chart has been invalidated with price bearishly closing and staying below 3460USD. Price put in a new yearly low at 3163USD last night to quickly rebound back above previous low at 3460USD. Major support remains at our target between 3000-3150 around where the period 50 Monthly and 200 Weekly Moving Averages are (as shown in previous weekly analyses), acting as price magnets in the past few weeks. It is expected that the price would find this support difficult to break through in the interim. Closest Resistances are at 4150-4500 and 3578-3746.
ETH developers are scheduled to switch from PoW to PoS next year and although unclear whether this would be positive on the price of ETH, this event shows that the team is consistently working to provide better utility for the Ethereum Network. Although, still below the 200Daily Moving Average and currently approximately 94% away from it’s All-time-high, the Major Supports from April-June, 2017 are between 39-64 USD and 75-103 USD in which price is currently. Major resistances are at 125USD, 161-183 USD and 244-262 USD.
With the price of XRP/USD hovering in between resistance and support below the 200 Daily Moving Average, it might prove to be hard making a decision about buying or selling but if BTC/USD finds support around 3000 USD (since BTC/USD is the lead indicator of prices lately), then, XRP might also follow suit and find a good support in the highlighted green box. Resistances are in the red highlighted boxes between 0.375-0.41USD and 0.332-0.352USD while support is between 0.23-0.28 USD, Bitfinex price.
Price has been below the 200 Daily Moving Average for more than 7 months and although daily sell volume has considerably reduced recently, there’s still been no huge buy volume yet. Bullish Divergence seems to have appeared on the OBV_OSC in the past few days so there might be a relief bounce to reset the indicators if BTCUSD’s price turns bullish as the leading price indicator of the cryptocurrency markets. Major Supports are 19.38-22.31 USD and 8.38-13.6 USD from April and May 2017 respectively. Resistances are 25.36-27 USD and 33.47-37.74 USD.