Hi friends! I hope you are all doing well today. =D Lets take a look at Ripple, shall we?
WOW, how things can change overnight. Looking at the four hour chart, we can see that it has broken down from the rising parallel channel, it has broken the "Previous high," and is now trading below the 50 EMA (in orange.) This is a red flag warning for XRP. On the MACD, we can see that sell side momentum is increasing, making further downside likely. Support lies at the 38.2% retrace, right around $2.13. On the upside, the bulls need to get back above the 50 EMA, the previous high, and ideally, back into the rising parallel channel. I'll be looking for a bounce off of support, with a bullish cross on the MACD before going long.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
WOW, how things can change overnight. Looking at the four hour chart, we can see that it has broken down from the rising parallel channel, it has broken the "Previous high," and is now trading below the 50 EMA (in orange.) This is a red flag warning for XRP. On the MACD, we can see that sell side momentum is increasing, making further downside likely. Support lies at the 38.2% retrace, right around $2.13. On the upside, the bulls need to get back above the 50 EMA, the previous high, and ideally, back into the rising parallel channel. I'll be looking for a bounce off of support, with a bullish cross on the MACD before going long.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-