Hi friends! Welcome to this update analysis on Ripple! Let's jump right in! If you recall from my last post, on 2/5/18, XRP was forming the recent low. Since then, it found support with the rest of the market, and has rallied into the 78.6% retrace. However, we shouldn't get too excited just yet. If you look closely, you can see that a small head and shoulders has formed over the 786. I looked at this formation on the 1 hr chart, just to blow it up a bit, and it definitely appears to be a small head and shoulders pattern. This development is in line with what I'm seeing in many of the other coins that I follow. Most have either created bear flag consolidations, or are rolling over with this sort-of head and shoulders look. We can see that volume has collapsed again, as the bulls fade away, without any real follow-through.
Now, I'd like to draw your attention to the 50 EMA (in orange.) As you can see, XRP has not been able to surpass it, practically since the all time high. This is a common flavor in the crypto space right now. The 50 EMA is like crypto kryptonite (pun intended.) Looking at the price action right now, XRP is rolling over like dog to it's master, and it's not even at the 50 EMA yet. So, let me be clear about the technical implications here. We still remain in a bear market, and the bears are in full control. As far as I'm concerned, all I see is a lower high forming. If we can't get above that 50 EMA, there is absolutely NO reason to be bullish. Even if we do surpass the 50, then we will have to contend with the blue trendline, the 200 EMA (in purple,) the rising long-term support (dotted trendline), the 618, and then ultimately the heavy overhead resistance, at the 50% retrace. There is a LOT more resistance above, than support below, so down is the path of least resistance. Furthermore, my symmetrical triangle target wasn't hit. Perhaps XRP wants to go down there and test my target, before putting in a real bottom.
Speaking of the bottom, we have to note the developments on the MACD. I'd like to draw your attention to the dotted rising trendline down there. You can see that momentum has been making higher lows, as price has been making lower lows on the chart. This is an indication of a broad shift in momentum, and can often be a precursor to an impending rally. With that said, technically, I can see that the bulls are attempting to form a bottom around here. We may need one more flush to the downside (so that my bearish targets can be hit =D) before a true bottom forms in this market. On the downside, watch for support at my target around 0.42. On the upside, look for the 50 EMA to put rallies in check. A break above the 50 EMA would be a reason to reassess the advancement of the bulls.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
so did you just leave this idea to die??? I see you update all the other coins except this one @MagicPoopCannon
tradeformula
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LOL
Giovi6969
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Anyone has an idea of what is happening to Xrp today?
I am speechless.
Aldonio
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@Giorgioversace, Listing in an Indian exchange, partnertship with a Chinese e-commerce market, and another partnership with MoneyGram in Philippines, looks that they were waiting to release all the good news at once
Giovi6969
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@Aldonio,
Partnership with LianLian was few days ago
Listing on zebpay dates from yesterday lol
It doesnt make sense, i don't get why it soared today instead of yesterday or few days ago.
Just manip for today i'm affraid.
downb4up
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@Giorgioversace, different time zones I guess. More red candles coming in for sure.
WG028366
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@Giorgioversace, it's typical XRP...usually has delayed response to good news. Its almost like it needs to accumulate lots of news before a big move (not sure why). That is what happened over December
Woota
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@Giorgioversace, also Binance was not available for a couple of days and Ripple’s breakout occurred as soon as they resumed trading
Aldonio
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@Giorgioversace, You should also check the XRP/BTC graph, the volume looks ridiculously low in comparison with December, this is probably a bull trap.
Giovi6969
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@Aldonio,
I rarely saw such a monster pump by wealthy groups/people.
Looks like some ones are fearing a stock mtket crash a bit lol.
Holy moly!