【XRPJPY】Consider what happens to the salted Ripple from the chart

Ripple (XRP), which many holders own even within the editorial department. At the peak of the cryptocurrency rally early this year, it approached around 400 yen, but later plummeted, now hovering around 50 yen. This level is notable because it coincides with the roughly six months before the late 2017 crypto boom, around May when it reached a new high at that time, so it is considered one of the important defense lines against further declines. That said, on June 29 it dropped to a new low of 44.80 yen (the previous low was 45.33 yen on April 1), showing signs of testing the bottom. For those who are holding in a panic, this development is likely to be stressful.

Now, here we use GMO Coin’s chart for analysis. The technical indicator is Bollinger Bands (period 20). The price is moving below the middle line (since mid-February this year it has remained below), and the middle line has been sloping downward. It appears difficult for the price to turn upward. As for an upward scenario, it would start when the price continues to range without breaking the lower support for a while and then rises above the middle line. Visualize the middle line currently around 65 yen gradually turning downward, and the price staying just below 60 yen as a rough target.

On the other hand, looking at the daily chart, it is in a state where it is trying to capture the downward-sloping middle line. From here, we would like to see a move that breaks through the recent July 3 high of 54.67 yen.

From these observations, the initial focus is whether it can recover to around 55 yen, and then around 60 yen.