XRP has been bearish overall since its ATH 10 days ago. It hasn't managed a strong breakout from the trend (orange line), and volume has been very low. RSI showed bearish divergence at the peak.
Furthermore, XRP has also formed a head-and-shoulders pattern, meaning that it could see prices drop even further.
Currently hovering around $1.84, the direction that the price goes next will be very telling:
Furthermore, XRP has also formed a head-and-shoulders pattern, meaning that it could see prices drop even further.
Currently hovering around $1.84, the direction that the price goes next will be very telling:
- If the price continues downwards, and breaks $1.50 (previous low), then we will see the completion of the head and shoulders pattern, and a strong bearish signal.
- If it bounces off $1.50, forming a double-bottom pattern, giving a bullish signal.
- Lastly, it may break the current bearish trend altogether - but for this to happen, volume needs to pick up drastically. Watch for RSI to also break the bearish divergence trend line.
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So for now, the trend continues. $1.50 was hit but not broken through convincingly.
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In the previous update I used XRPUSDT on Bittrex instead of XRPUSD on Bitfinex. Oops. The prices are very similar, though, and I'll update again with XRPUSD soon.A look at XRPBTC. A similar H&S pattern. The previous "shoulder" was hit.
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XRPUSD on Bitfinex again. $1.10 soon?
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XRPBTC: the old support becomes the new resistance? Without a convincing breakout here, XRPBTC could be headed down even further
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XRPUSD: still following the orange line
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XRP looking much better today with a convincing trend break while BTC recovers as well. However, if BTC crashes further, XRP will follow suit, or at best, go sideways.
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XRPBTC is inching closer to EMA50 and EMA200 death cross and as BTCUSD drops, XRPBTC is dropping along with it. Do not take a long position if you believe BTCUSD will drop even further.
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XRPBTC is dancing around 12k, which was a previous support. Some more news of partnerships can potentially give it a much needed boost.
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down we go again
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.