I find the XRP/USD chart very interesting:
Like most crytocoins XRP is highly correlated to Bitcoin but it is more volatile than Bitcoin, so in case Bitcoin falls again XRP could touch the orange support trend line very easily. It already reached the orange resistance trend line, the bar touching it is a cross which means, in my opinion, indecisiveness what to do next.
Very interesting is the fact that the Ichimocu cloud has the “same slope” with the resistance trend line (...a small note, I do not know many features of the Ichimocu cloud so I only refer to things that I understand). The red area above the trendline is the cloud which gives us an idea where is the resistance and how strong it is. The resistance trend line and the base of the cloud are about at the same price level. The cloud is narrow which means that the resistance is less difficult to be broken comparing it at the middle of March.
For XRP it is very hard to break the support trendline for the following reasons:
1/ The trend line itself is a very long and strong one ( arrows showing that it touches 2 very distinct bottoms and a flag/pennant formation),
4/ The RSI has a divergence that began a couple of weeks ago, this adds to the idea that the price won’t break the support trend line.
3/ The small divergence line on the price charter (its pair is on the RSI chart) could also be considered as a support for the last couple of weeks (it is a support line when hourly charts are applied).
4/ A positive attitude is slowly arising, as cryptos have caught the eye not only of regulators (which was a reason that all cryptos droped) but of established investors too, that feel now safer to invest to the crypto market and the fact that on 17/4 is the end of submitting tax returns forms to the IRS.
Finally XRP like BTC, ETH, NEO,XLM and a few other coins/tokens are constantly in the news with new updates and partnerships.
In case the price breaks the 0,40-0,45 price area (support trend line) the next support line is in the 0,18 price area, a free fall which in my opinion it can happen only if extremely-extremely bad news will dominate the media.
On the up side some good resistance levels are provided by fibo,
1,17 which coincides beautifully with a “clear” top on the price chart (see arrow) !!!
and then.. price area 1,50-1,75 (1,63 fibo).
My view is that the price has started to rise but it can drop a few times above the support area 0,40-0,45 before comencing an upward trend. If the public sendiment turns bullish then XRP can rise suddenly to much higher levels overnight as was the case after the 0,18-0,25 price area which stayed for approx. two months.
Thats all what I think for this . I am not a native English speaker , I am not a profesional trader and this is just my personal view NOT a recommendation. I always shall welcom views that are different from mine.
Thanks!
Like most crytocoins XRP is highly correlated to Bitcoin but it is more volatile than Bitcoin, so in case Bitcoin falls again XRP could touch the orange support trend line very easily. It already reached the orange resistance trend line, the bar touching it is a cross which means, in my opinion, indecisiveness what to do next.
Very interesting is the fact that the Ichimocu cloud has the “same slope” with the resistance trend line (...a small note, I do not know many features of the Ichimocu cloud so I only refer to things that I understand). The red area above the trendline is the cloud which gives us an idea where is the resistance and how strong it is. The resistance trend line and the base of the cloud are about at the same price level. The cloud is narrow which means that the resistance is less difficult to be broken comparing it at the middle of March.
For XRP it is very hard to break the support trendline for the following reasons:
1/ The trend line itself is a very long and strong one ( arrows showing that it touches 2 very distinct bottoms and a flag/pennant formation),
4/ The RSI has a divergence that began a couple of weeks ago, this adds to the idea that the price won’t break the support trend line.
3/ The small divergence line on the price charter (its pair is on the RSI chart) could also be considered as a support for the last couple of weeks (it is a support line when hourly charts are applied).
4/ A positive attitude is slowly arising, as cryptos have caught the eye not only of regulators (which was a reason that all cryptos droped) but of established investors too, that feel now safer to invest to the crypto market and the fact that on 17/4 is the end of submitting tax returns forms to the IRS.
Finally XRP like BTC, ETH, NEO,XLM and a few other coins/tokens are constantly in the news with new updates and partnerships.
In case the price breaks the 0,40-0,45 price area (support trend line) the next support line is in the 0,18 price area, a free fall which in my opinion it can happen only if extremely-extremely bad news will dominate the media.
On the up side some good resistance levels are provided by fibo,
1,17 which coincides beautifully with a “clear” top on the price chart (see arrow) !!!
and then.. price area 1,50-1,75 (1,63 fibo).
My view is that the price has started to rise but it can drop a few times above the support area 0,40-0,45 before comencing an upward trend. If the public sendiment turns bullish then XRP can rise suddenly to much higher levels overnight as was the case after the 0,18-0,25 price area which stayed for approx. two months.
Thats all what I think for this . I am not a native English speaker , I am not a profesional trader and this is just my personal view NOT a recommendation. I always shall welcom views that are different from mine.
Thanks!