Hi friends! This is a quick update on Ripple! Let's jump right in. On the four hour chart, you can see that we're getting some continuation selling here, as XRP takes out the 50 EMA (in orange) and appears to be moving back down to test the 78.6% retrace (in red.) The inverse head and shoulders pattern is still valid, but if the 786 is lost, some intense selling could ensue in XRP. If you read today's analysis on BTC, you can see why I don't think this means the end for the upside potential. The same principals in the BTC analysis apply here, but for now, let's keep a close eye on the 786. It is critical to hold as support, so if you're long, I would keep a close eye on that level as a strength indicator.
On the MACD, we've got a bearish crossover, and sell-side volume has increased on the chart. If XRP maintains support in this area, a reversal back to the upside could play out. As I said before, the inverse pattern is still valid, and it will remain valid, unless price action really starts to break down.
On the upside, a break above the red resistance zone will be very bullish. For now, keep a close eye on the 786, and the neckline resistance on the upside. 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.***
-Magic loves you-
-JD-
On the MACD, we've got a bearish crossover, and sell-side volume has increased on the chart. If XRP maintains support in this area, a reversal back to the upside could play out. As I said before, the inverse pattern is still valid, and it will remain valid, unless price action really starts to break down.
On the upside, a break above the red resistance zone will be very bullish. For now, keep a close eye on the 786, and the neckline resistance on the upside. 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.***
-Magic loves you-
-JD-