⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Ripple finally managed to break above $0.45

Booking Profit As Ripple XRP, Bitcoin BTC Start to Reverse After Yesterday’s Doji

Posted Wednesday, June 1, 2022 by
Skerdian Meta • 2 min read

Gold has been showing resilience in 2023, opening around $1,800 and continuing higher, where it formed a support zone, which held throughout the year. Buyers have been in control during most of the year and they broke above the all-time high at $2,075 in the first week of December, but the price retreated lower below $1,900 again, however buyers have stepped in and now they are threatening the previous resistance for a second time.We have seen a few technical setbacks in Gold this year. However, XAU/USD has now risen to sit higher, recovering from around $1,974 after finding support at the 50 SMA (yellow) on the daily chart. The price bounced off that moving average and now the 20 SMA (gray) has turned into support for Gold, indicating that the buying pressure remains strong.Gold Daily Chart – Can Buyers Push Above the Resistance? Smaller MAs are now turning into support for XAUHowever, the important resistance zone from the 2,020 high at around $2,075 remains on the daily, weekly, and monthly charts, and it is the critical level to watch heading into next year. The break above this level early this month came as a bit of a fluke, as the price spiked higher on geopolitical news. So, this time buyers don't have the same stamina as back then. So, Gold remains in demand as the economic and political uncertainties remain high across the globe. January is the best month for XAU though. But the rally since November also comes on the back of a weaker USD, while bond yields have been retreating lower, which is a key driver for [[Gold]] in particular. The market is stepping up pricing for central bank rate cuts in 2024 which has been pulling the USD lower and pushing Gold prices higher. But, buyers will have to push above $2,075 first to keep the bullish momentum going, so one step at a time.Gold Live Chart [[Gold-graph]]

The sentiment has been bearish for cryptocurrencies since November. We have seen some bullish attempts bus sellers have prevailed after all. , as they made some decent gains in March. Moving averages have provided resistance during this period, pushing XRP and BTC to new lows until early last month. They have been consolidating in recent weeks and on Monday we saw a bullish move, but it seems like it is over and cryptocurrencies are reversing lower.

Ripple Daily Chart – Buyers Giving Up at the 20 SMA

XRP couldn’t push above $0.35

The SEC (Securities and Exchange Commission) in the US opened a lawsuit against Ripple Labs at the end of 2020 which has had a heavy burden on XRP , keeping the sentiment bearish, since April 2021. XRP has been making lower highs and the previous attempt to turn bullish in February ended at the 200 SMA (purple) on the daily chart. The jump came after Ripple’s attorney said that the lawsuit might be settled with a settlement, which would offer certainty for investors.

The court ordered a conference call on Hinman’s documents next week, and the risk for Ripple is if judge Netburn allows SEC to choose whether Hinman’s speech was personal or on behalf of SEC (as it has quasi-argued at various points). Ripple has been seen as an alternative to replace SWIFT. However, Ripple says that it has bigger ambitions than becoming the SWIFT replacement.

Ripple’s CEO Brad Garlinghouse said yesterday that Ripple is exploring the possibility of an initial coin offering once its lawsuit with the SEC. But for now, XRP is starting to reverse lower after forming a doji candlestick yesterday at the 20 daily SMA (gray). My colleague Arslan opened a sell signal at this moving average yesterday and we booked profit today as the price started to reverse lower.

Bitcoin Daily Chart – The Support at $0.75 Holding for Now

Below this level, there is no more support for ADA coin

BITCOIN turned bullish on Monday after trading in a tight range for more than two weeks. Buyers ushed above $32,000 against the US dollar. Although, after the jump BTC formed a doji candlestick yesterday, which points to a bearish reversal after the bullish move. Today we are seeing the beginning of the reversal, so let’s see if the 20 daily SMA (purple) will turn into support today.