An intense week for XRP, they have been in the news a lot and not in a positive sense. But I won't go any further into this. However, I am going to take you through a number of timeframes to see how the race has behaved on the news.

If we look at the weekly chart and forget the negative news for a moment, it seems like a healthy retrace of a considerable rise. As we can see more often in a 'bull run' retrace the price regularly 30 to 50 percent. But whether it all looks so rosy on the lower timeframes we will now take a look.

Coincidental or not, but XRP did exactly what was discussed in last week's analysis. The current daily is at the time of writing just under 0.37 and has almost kicked the ema200. In itself there is confluence enough for the bulls, we see the horizontal s/r, trend line, Fibonacci 0.618 and the ema's all coming together. But whether this will be the end of the drop will have to be seen.

The past 4h candle has closed outside the trend line and the ema55 has crossed the ema100 bearish. We also see the rsi and lbr in oversold. Maybe there could be a small upswing and that would match the structure break that has been there. If we apply the Fibonacci tool to this we see a golden pocket retrace in the order block and chances are that the price will drop even further.

Conclusion:

Given the news about XRP, there is a good chance that Ripple will be able to reduce the price to 30 to 28 cents, as indicated last week. Normally this would be a great moment to start buying but I wouldn't dare to start now.

Support zones are 28 - 30 cents with support below that at 24 cents. Resistance which currently has to be flipped to look up again is 37 cents but given the current conditions I expect little bullish power in the coming days.

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