XRPUSD - 1D Chart Analysis
Like most of the Coins, Ripple also went through a "dark" period starting with the 19th of November which was followed by sideways movements in the last 10 days.
In this short interval, we could see the price having a daily moving average of 8.79% (or 0.0312$) and the levels where it had difficulties in advancing were 0.3986 (Resistance Level) and 0.3458 (Support Level 1).
Even if the RSI is "testing" the "oversold" area, followed by the Stochastic's crossovers which we could see often in the last days, the MACD is still below the Signal meaning that there is more room for the price to decrease. So we have a contradiction!
At this stage, with the trading volumes which are decreasing, we can "officially" say that the market has slowed down and it's still undecided while this scenario can be described as one in which the price is "in the middle". The traders with experience might say that the "patience" is a virtue now.
In these circumstances, the optimists can consider the Resistance Level of 0.39864$ as the next target price, while the pessimists will notice that the price is still between the 20 days Moving Average and the lower standard deviation of the Bollinger Bands, meaning that it can go even lower. As a possible target price for this second scenario, we can consider the Support Level of 0.3104$.
In this short interval, we could see the price having a daily moving average of 8.79% (or 0.0312$) and the levels where it had difficulties in advancing were 0.3986 (Resistance Level) and 0.3458 (Support Level 1).
Even if the RSI is "testing" the "oversold" area, followed by the Stochastic's crossovers which we could see often in the last days, the MACD is still below the Signal meaning that there is more room for the price to decrease. So we have a contradiction!
At this stage, with the trading volumes which are decreasing, we can "officially" say that the market has slowed down and it's still undecided while this scenario can be described as one in which the price is "in the middle". The traders with experience might say that the "patience" is a virtue now.
In these circumstances, the optimists can consider the Resistance Level of 0.39864$ as the next target price, while the pessimists will notice that the price is still between the 20 days Moving Average and the lower standard deviation of the Bollinger Bands, meaning that it can go even lower. As a possible target price for this second scenario, we can consider the Support Level of 0.3104$.
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