Ripple extends consolidation above $0.20 after a retreat from weekly highs.
Veteran trader Peter Brandt calls XRP a “manipulated scam.”
Ripple after testing highs above $0.21 this week failed to sustain gains towards $0.22. The general picture in the market has been lethargic. XRP/USD has, however, maintained its position above $0.20. On the upside, it is facing initial resistance at $0.2050 (intraday high).
Glancing higher, the XRP movement above the first hurdle must brace to face the selling pressure at $0.21. However, looking back at the trend last week, XRP/USD corrected from lows around $0.19 –to highs past $0.21 on Monday. The potential for further growth is still intact, therefore, bulls are likely to emerge winners following the current consolidation.
Peter Brandt, a renowned commodities trader, is one of the most bearish when it comes to XRP. He recently referred to the token as a “manipulate scam” while replying to a fan who sarcastically ask him “why XRP is not 0.00000013 yet?”
Ripple Price Technical Picture
Ripple price seems to be flirting with the 38.2% Fibonacci level. Its sideways trading action is reminiscent of the leveling motion of the RSI. The indicator has slowed down the retreat from June highs and holding the ground above 50. The Elliot Wave Oscillator confirms that bulls are in control at the time of writing. However, it is clear that they lack the steam to push the XRP price higher.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org