RIPPLE (XRP/USD) Possible Weekly Scenarios!

Weekly chart
Lately, Ripple has shown incredible growth compared to other altcoins and currently, it makes a throwback (movement downwards) from its peak on September 21. Last week it’s found support from the major down-trendline which is pulled from Feb 17 and it worked as in a textbook: the strong candle made a breakout and last week we made a retest and it bounced upwards pretty nicely. Also, we predicted this scenario in one our earlier post mentioning that we might see a bounce upwards from the round number at $0.04. The massive amount of the bounce happened yesterday when XRP made a 25%+ growth just in minutes and currently, it has found a resistance from the $0.5 but we have lots of supports below the current price which will make this coin a little bit more stable.

Daily chart
On the daily chart, we could see that we trade above the 50 and 100 EMA's but the 200 EMA works as a resistance. It matches almost exactly with the round number $0.5 which also works as a resistance and together they make a pretty strong price level. Currently, the price fights with the old support levels which now becomes resistance. Yesterday candle closed below the red box and it shows that this level works pretty well so, this is the first resistance what we have to take down if we want to see higher prices, a daily candle close above the box will confirm that breakout. The box price range is around $0.47.

Four-hour chart (the main image)

Yesterday we got a push upwards and the big bounce was technically from the pretty good area: from the Fibonacci golden ratio of 62 percent and from the round number $0.04. The bounce guides us to higher prices and now let's talk about possible scenarios in the current level.

Bullish scenario:

We have made our first steps towards higher prices, the last four-hour candle has closed above the earlier mentioned red box which was previously the support. Positive signs are also that the price is above the EMA's which will support this move upwards pretty strongly. The red box matches exactly with the March low point and currently, the price makes a retest. If the next four-hour candle closes above the box then it will confirm that the retest was successful and coin is ready to go higher, but once again, if the market allows this.
Next resistance is not far from the current price - it is the round number $0.5 which has worked previously as a resistance. If you see at least a four-hour candle close above the round number then it would be a confirmation to go to $0.6. The road to the $0.6 is not hard because there are not so many significant resistances before that round number. So, firstly a nice retest candle guides us to the $0.5 and if you see at least a four-hour candle close above the $0.5 then it should guide us to the $0.6

Bearish scenario:

Between the $0.4 and $0.5 we have multiple important levels and currently they all work as support levels - March low, April low, June & July low and the round number $0.4. This makes us a little bit more secure that we know we have so much supports under the current price but let's name some of the bearish confirmation areas:
1. A candle close below the red area
2. A candle close below the EMA's
3. A candle close below the gray support area and below the Fibonacci 62 percent

Those levels are steps to the short-term counter trendline. If the trendline level breaks then we could assume that the round number $0.4 doesn't hold us anymore and we probably could go and test the lower levels.
If this scenario occurred then we might go and retest again the major down-trendline but currently, a close below the gray and Fibonacci 62 percent area will be definitely bad signs.


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