ripple trend reversal

17 Jan 2018

There is possibility that xrp is escaping it's downtrend. For the last day or two it was caught in a falling wedge, the upside of which being that a breakout is typically upwards. And that just happened, supported by bullish divergence. There is however still a larger downward channel in which xrp is trading, and it has to escape that to be able to start somewhat of a recovery. If that happens, it might retrace up to 1.95 euro

18 Jan 2018

Nota

Still in that channel.

18 Jan 2018

Nota

It looks like we've just had a break from the channel! The volume providing this break wasn't noteworthy, so it could still be a false breakout... but something tells me we've finally escaped the downtrend that pushed down xrp since it's peak.

22 Jan 2018

Nota

Seems the volume not being noteworthy would have been a clue; the breakout was weak. The upside is that the low at 72 cents will remain the lowest low for now, but the 38.2% retrace was the turning point for the bounce from this low. I think we are looking at formation of a consolidation channel (between orage bars) within which xrp might trade for a while until the crypto market as a whole decides to take a clear direction up or down.

22 Jan 2018

Nota

Another way to look at it:

Which means xrp is still caught in the main downtrend. Let's see what this week will bring...

23 Jan 2018

Nota

We're still alive. Bullish divergence supports the breakout from the current channel.

23 Jan 2018

Nota

cleaned up graph. The red horizontal lines are what I think are future resistance levels.