Technical analysis by razumcapital about Symbol XRP: Buy recommendation (8/15/2023)

XRP came to a zone that last time worked as resistance And also worked as support at the beginning of 2022 and in the middle of 2021 We see that the price has broken through 50 daily MA, but if you look at how we close the day ,with a big shadow, we can assume that in this zone there will be a buyer's interest that will keep the price We also see climactic volumes at the end of this drop on the 4H timeframe To confirm a positive scenario and a good price bounce, we need a return back above 50MA And will be even better, above the last descending high (0.666) In this case, the price has all chances to go back to the zone 0.85 -0.94 The nature of the price growth to this zone (strong growth or weak growth) will show how likely it is to see another impulse soon (at least to the zone 1.3-1.4) It is very important for the price not to fall below the 0.55-0.58 zone And everything above this can be considered a range-accumulation before the next impulse. Ideal if the price will accumulate above 0.7the price failed to return above the 50MA and broke through the support zone