Ripple’s XRP peaked above $0.2400 on Monday only to drop back to $0.235 by the time of writing. Despite the retreat, the third-largest digital asset is still about 1.5% higher from this time on Monday.
Peter Brandt explains what is in common between gold and XRP
The legendary trader and analyst Peter Brandt pointed out that XRP’s community was too aggressive towards people who posted negative comments or forecasts about their favorite coin. He believes, this feature makes it similar to gold, where gold bugs are similarly non-tolerant to critical comments.
Don’t you realize that negative comments about #gold and #xrp and positive comments about equities are the third rails of Twitterville.
Brandt was attacked by XRP Army recently when he pointed out to a bearish chart pattern and suggested that the coin was about to fall.
XRP/USD: Technical picture
On the intraday chart, XRP/USD settled above SMA50 1-hour and now tries to clear SMA100 1-hour currently at $0.2345. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $0.2400 reinforced by the intraday high ($0.2399), the highest level of Monday ($0.2420) and SMA200 1-hour. A sustainable move above this area will allow for an extended recovery towards $0.2500 reinforced by SMA200 daily.
On the downside, a sell-off below $0.2335 (the above-mentioned SMA50 and SMA100 daily) will open up the way towards $0.2300 and $0.2242, which is the lowest level of March.
XRP/USD 1-hour chart
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On the longer-term scale, a strong barrier is created by SMA50 daily at $0.2570. It is closely followed by psychological $0.2600 and the middle line of the daily Bollinger Band at $0.2680. The ultimate resistance comes at $0.2760 (the broken neckline of the head-and-shoulder pattern).
XRP/USD daily chart
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