Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that XRP is really testing the rising black trendline support at the moment. We pierced it on 3/9, and now we're violating it again. On the MACD, you can see that a bearish crossover is occurring as I write this, so the momentum appears to be resuming it's downside expansion. Right now, the obvious thing we want to watch, is the rising black trendline. If XRP confirms below the back trendline, a test of the 0.67 level should ensue, followed by a potential retest of the 2/6 low, around 0.56.
The 20 EMA (in blue) just acted as resistance, so we can continue to use it to monitor the progression of any rallies. The volume is not terribly high, but it is primarily composed of sell-side activity, as the bears take control of the market. What I find interesting, is how quickly XRP returned to retest the black trendline. We just pierced it yesterday, and now here we are again today, testing it. Typically, when levels are tested repeatedly, under these circumstances, they tend to fall. 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-
The 20 EMA (in blue) just acted as resistance, so we can continue to use it to monitor the progression of any rallies. The volume is not terribly high, but it is primarily composed of sell-side activity, as the bears take control of the market. What I find interesting, is how quickly XRP returned to retest the black trendline. We just pierced it yesterday, and now here we are again today, testing it. Typically, when levels are tested repeatedly, under these circumstances, they tend to fall. 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-