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 forming a bear flag consolidation, as the 20 EMA (in blue) begins to cross into the bear flag. The 20 EMA has been very resistive lately, so the chances of a bear flag breakdown are increasing as the 20 EMA crosses into it. There is a bullish crossover that is occurring on the MACD, and there is a small amount of green volume on the chart, but the overall appearance of this chart is still bearish. If you look closely at the candles inside of the bear flag, you can see that the past three candles have tall wicks on the top sides. This is an indication of distribution (selling) and, although it is on a small scale, it shows that there is sustained sell-side pressure inside of the bear flag. That is a nuance that indicates an increase in the breakdown potential of the flag. Regardless, we have identified that there is a bear flag consolidation on the chart. Now, we just wait for the breakdown. If the flag breaks to the downside, which is the most likely outcome, a test of the 2/6 bottom, of 0.57290, will be on the table. Until then, we can use the 20 EMA as a gauge of the breakdown potential. Since it has been so resistive, we don't really want to see any sustained trading above the 20 EMA. For the bear flag to fulfill itself, we want to see the 20 EMA remain resistive, and potentially generate a breakdown of the bear flag. If/when XRP tests the 2/6 low, we will have to watch very closely to see if there is a strong bounce, or a breakdown below that level. What I find most interesting about the XRP chart, is that it is much closer to the 2/6 low, than BTC, LTC, and the others. So, perhaps XRP will be a leading indication on the performance of the rest of the market. If XRP plummets below the 2/6 low, we may see similar breakdowns in the other top coins. For now, let's keep a close eye on the action inside of the bear flag. A breakdown should occur in the near future. Good luck trading, comrades!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I'm even considering a drop to 0.26 cents if BTC gets in the 3-4.5k region.
Giovi6969
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Nice TA.
Fortunately Xrp is here.
I like day trading a lot especially in this crashing market phase.
And Xrp is the currency that allows me the best to exploit the waves, buying low selling high several times a day.
Yes, i need to eat.
MagicPoopCannon
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@Giorgioversace, Thanks for the love GV! I'm glad you're doing well out there. This market is easy money. >=D
@Giorgioversace, IOTA been my lunch ticket moving 5-10%over and over again as BTC fluctuates 2-4% during this flag
Giovi6969
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@BullWick,
Yes if you day trade Btc is rarely the coin to go.
Good if you found the coin that makes you confortable trading with
knowlton23
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@Giorgioversace, I'm really interested in this. I keep thinking... since the alt coins (like XRP) are pegged to BTC, then your gains in XRP will gradually erode in terms of USD, as BTC falls lower. Don't you find this is the case? Or are your XRP gains large enough to offset the erosion?
Giovi6969
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@knowlton23,
I'm only trading Usd crypto currencies, for exemple Xrp Usd.
So i don't have any issue with Btc value decreasing
Crypt0p0tat0
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My guess is that Ripple raised a lot in November/december, much more than the others, and despite the fact that it was late to grow, it needs to correct more than the other altcoins. I wouldn't bet the other coins to reach the 2/6 low, but let's see!