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.***
Thanks for the analysis. It looks like XRP broke the resistance line you made. any update?
FernandoMocer
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So true, history repeats, we had the same in ETH when it was around 300s it went down to 129, its a similar move. I accord with you, we shall se at least 1 dollar, time to buy and then sell in 10-15 usd, and reserve a part of that price we will never see again to sell in 100 usd. And thats how I´ve become rich
tradingusera2
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Thank you for your meaningful analysis which shows the borders of this downtrend in two ways(by the channel and by the EMA's)belwo is bearish and aboove is bullishand one confirms the other.