XRP USD (Ripple) chart analysis: 1 hour tf
XRP USD (Ripple) chart analysis for today is carried out on a 1 hour timeframe.
The current bottom in price action around $0.25 does coincide with the region of support for XRP previously on August 13, 2018. Both scenarios do indicate the potential of Ripple finding support and using it as a base to resume a rally back to ~$0.37.
Besides, price closing above ~$0.37 would set up a double bottom chart pattern which is ideally bullish. The point of invalidation (POI) for the formation of the pattern is a price close below $0.24755.
Overall, this analysis supports the notion of a bearish trend to side trend at best for Ripple.
The current bottom in price action around $0.25 does coincide with the region of support for XRP previously on August 13, 2018. Both scenarios do indicate the potential of Ripple finding support and using it as a base to resume a rally back to ~$0.37.
Besides, price closing above ~$0.37 would set up a double bottom chart pattern which is ideally bullish. The point of invalidation (POI) for the formation of the pattern is a price close below $0.24755.
Overall, this analysis supports the notion of a bearish trend to side trend at best for Ripple.
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