Ripple analysis, per request.
Ripple has a very familiar formation to BTC right now. We are hitting this massive trendline and coming off of it.
Some observations on the daily chart.
1. MACD is crossing up, but not with much strength.
2. RSI is in the middle.
On the 4 hour:
1. MACD is very high and while bullish, looks a little over extended.
2. RSI is creating a little bit of divergence, but it's not really there on the smaller time frames.
There are multiple scenarios with how you can play this right now.
1. Throw a buy stop just above these highs at .67 cents for a move up to .75.
2. Wait for the break and rebuy at the .65 cent area.
3. Or wait for a pull back and buy in the .55 cent area. (this scenario especially I would use a martingale strategy to start laddering buys in, or throw a stop below the channel)
This is going to follow what BTC does. So if BTC breaks up and hits this 8.75k mark and ripple has broken up with it and is at .80 cents at the time. That would be a good time to sell. Even though ripple wouldn't be hitting a trendline, it flows with BTC and the likely hood that we will get a move down from the 8.75k-9k area is very high. That is what I would be watching.
Your resistance points on the upside are .75 and .88, but again watch for wherever BTC is and what it's doing.
On the downside you have .55 and .45 areas. With very strong support below that at .30 cents.
Don't stress, don't use leverage and pick your points!
-Sherem
Ripple has a very familiar formation to BTC right now. We are hitting this massive trendline and coming off of it.
Some observations on the daily chart.
1. MACD is crossing up, but not with much strength.
2. RSI is in the middle.
On the 4 hour:
1. MACD is very high and while bullish, looks a little over extended.
2. RSI is creating a little bit of divergence, but it's not really there on the smaller time frames.
There are multiple scenarios with how you can play this right now.
1. Throw a buy stop just above these highs at .67 cents for a move up to .75.
2. Wait for the break and rebuy at the .65 cent area.
3. Or wait for a pull back and buy in the .55 cent area. (this scenario especially I would use a martingale strategy to start laddering buys in, or throw a stop below the channel)
This is going to follow what BTC does. So if BTC breaks up and hits this 8.75k mark and ripple has broken up with it and is at .80 cents at the time. That would be a good time to sell. Even though ripple wouldn't be hitting a trendline, it flows with BTC and the likely hood that we will get a move down from the 8.75k-9k area is very high. That is what I would be watching.
Your resistance points on the upside are .75 and .88, but again watch for wherever BTC is and what it's doing.
On the downside you have .55 and .45 areas. With very strong support below that at .30 cents.
Don't stress, don't use leverage and pick your points!
-Sherem
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I am not trading this currently as it was an analysis done by request. However, if it were me I would be eyeing BTC carefully right now. We haven't had a full move up to XRP's resistance or BTC's massive trendline. If BTC comes down to this $7,500 level for a retest, we could see XRP either come to it's own support that is at .55 cents or to where btc levels off which could be around 60 cents(if btc levels off at $7,500) if we continue the reversal of the up trendline. Trade carefully and don't let your profits get away from you.