Because XRPBTC has such a violent history, I want to use it's past to create some for the future. It's probably Sunday where you are (and GAME DAY) and you're looking at trading charts for cryptocurrencies, so I'm hitting you with the Book.
Proverbs 14:12 - "There is a way that appears to be right, but in the end it leads to death."
As we begin to exit this downward triangle, everyone looking at or holding XRPBTC needs to understand this verse - if we shoot up again, we'll be repeating the history of this coin and every chart you see will be screaming to sell. AKA, DEATH by following the MASSES.
The healthiest option that can happen for XRPBTC is a firm definition of a trading channel for the first time by sliding over to meet the rising 200D MA (the PURPLE line for you illiterates).
This would mean a trading inside the "Good Channel" (shout out to my Dad's mentor, Clint Eastwood). XRPBTC would begin a firm likely in the Good or bottom half the of Ugly Channel.
The Ugly Channel is named such because nothing clear happens inside it. Whenever XRP trades there, it's ugly. Up, down, bull trap, bear trap, zippity bippity bop. I'd love for XRP to reenter that channel when it has the support of a guiding 200D MA down the road.
The Bad Channel is just bad. A lot of money can be made there, but a lot of money can be lost. Like Jurassic World... Who thought bringing dinosaurs back to life would be a good idea? They made a lot of money off tourism, and then they got dead. Don't get dead. Let's stay away from the bad (SELL).
If XRPBTC breaks down out of the triangle, and down through the good without any major uptick, the world is probably on fire and you should be paying attention to that instead.
I'll be watching this one closely, clever girl.
Disclaimer: You probably can't pull DNA out of a mosquito and create dinosaurs. Just like this TA probably isn't going to come true. But it could make for a great movie.
So far so GOOD.
XRP Volume has flattened out near the bottom boundry of the RSI and will likely touch the boundry and turn upward.
RSI is an oscillator that tells us the strength of the volume/price correlation. If it turns upward with an increase in volume, its a positive sign.
RSI is also perfectly in sync with the MACD, which is important. Our MACD shows XRP's negative trend via the 2 moving averages (12,26), and the strength of that trend via the histogram (pink bars). The downtrend has all but lost it's steam, and will likely cross and turn upward in the coming week or so.
If you are in XRP, hold. If you are looking to enter XRP, I'd say 8500-9000 is a solid entry.