Hi friends! Welcome to this update analysis on Ripple! If you remember from my last post, I told you that XRP looked like it was setting up to form the right shoulder, of a large head and shoudlers pattern. Looking at the four hour chart for XRP, we can see that it's filling in the right shoulder perfectly. Inside of the right shoulder, we can see that it's failing to breakout of the downtrend channel, and it's rolling over to the downside. The MACD is reflecting this weakness, by rolling over as well. The only thing that would be a remotely bullish turn of events, would be a breakout above the downtrend channel, and the 50 EMA (in orange.) Until that happens, there is no reason to believe that Ripple isn't about to break down. Look for price action to return to the black neckline of the head and shoulders pattern, which will soon be met by the 200 EMA (in purple.) A break below that should send this market to $1.25, and the possibly under $1.00. Please like, comment, follow, and share on social media. This has been your fearless market guide — your virtual buddy — M.P.C. and I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-