Hi friends! A lot of people have been asking for an update on Ripple. Well, the wait is over! Let's get right to it! Looking at the four hour XRP chart, you can see a common theme, that is presenting itself in most of the crypto space — an inverse head and shoulders pattern. This one is interesting. You can see that I have two targets up on the board. The reason for this, is actually because of the slope of the neckline, which is steep and negative. Necklines of inverse head and shoulders patterns that slope down are not as bullish as those that slope up. This is why I have a low target, and then a high target. The first target is at the 61.8% retrace, at about 1.40, and the second target is all the way up at the 50% retrace, at about 1.76.
Looking at the most recent price action you can see that XRP held the 78.6% retrace like an absolute beast. It tested it on many different occasions, and each time held. That left XRP with no choice but to head higher, which it's currently doing. Now, we can use the 78.6% retrace as a line in the sand. For educational purposes, if you wanted to be aggressive and go long here, you could place a stop slightly below the 786, and that would be a really nice trade entry. You can see that XRP has broken above the 50 EMA (in orange) and is now heading up to test the 200 EMA (in purple.) Volume is picking up slightly, and the MACD is crossing over the zero line, which is a technical buy signal.
If you look inside of the head, at the last time XRP crossed over the 50 EMA, you can see that a nice rally ensued. Perhaps, we will get a similar rally, particularly if XRP makes it's way above the 200 EMA and the neckline resistance.
Overall, XRP appears to have bottomed with many other assets in the crypto space, and we appear to be gearing up for a move higher. For now, let's watch for the breakout above the neckline resistance, and keep an eye on the support at the 786. 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.***
XRP doing what it does best, pump then dump and adding to the wallets of short sellers. The XRP chasers never cease to amaze me, it's like they're glutton for punishment. It's at point now where it's no longer just comical, it's down right belly aching hilarious. I shorted this pump today, will cover before I go to bed. You FOMO chasers insist on giving away your Bitcoin and we're much obliged to take it.
I hope for the sake of the latest "Coinbase-rumored-newly-created-bag-holders" from January, that this CNBC thing turns out to be of some substance, nevertheless, I will short the pump as the dump will be inevitable after that. Just look at what BCH did after their Coinbase run up, but If not, there's always the inverse H&S. Lol!
Good analysis though.
ftorruco
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@streetgainer, what happen with BCH after coinbase? i was not following that coin
svhill11
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@streetgainer, If you shorted before you went to bed you lost big. It went up 4 cents since 11 PM.
streetgainer
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@svhill11, Read what I said, I shorted when it pumped yesterday and covered before I went to bed.
BMasked
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@streetgainer, How did that short play out? Gotta read those charts, man. It would still go back down, especially if current candle closes inside of the neckline. Always remember, there are two types of traders. Those who are humble, and those who will be humbled.
It sounds like you placed a "revenge short".
streetgainer
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@BMasked, Read what I said, I shorted when it pumped yesterday and covered before I went to bed.
Thank you Magic for the update!
Do you think that it will down again or will be down if BTC turned bearish?
and in your opinion what is the best entry point?
Thank you so much bro!
You are the best!
l33tsquad
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ALL.HAIL. THE. POOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I GOT SUCH A RAGER FROM THIS GUY'S WORK ETHIC, DELIVERY, FRIENDLY HUMOR AND LIFE IS A GIFT-A-SISM. Great job MAGIC! All day errryday
streetgainer
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Ripple CEO better come out of that CNBC interview having said "I do" to the Coinbase CEO...
I hope for the sake of the latest "Coinbase-rumored-newly-created-bag-holders" from January, that this CNBC thing turns out to be of some substance, nevertheless, I will short the pump as the dump will be inevitable after that. Just look at what BCH did after their Coinbase run up, but If not, there's always the inverse H&S. Lol!
Good analysis though.