Murder She Wrote #XRP $XRP
Weekly
Looking at our highest timeframe we can see XRP has not shown any signs of reversal in this downtrend. Stochastic RSI showing momentum is in favor of the bulls, after a weekly close in favor of the bears. Is this a small correction to the upside or is this a new low, a look at our smaller timeframe will give us a better idea.
Daily
Shifting over to our pattern timeframe we can see XRP has found support and wants to continue to the upside. Stochastic RSI showing momentum has bottomed out and is starting to shift in favor of the bulls. Last time we were at this price we did see consolidation between $0.1830-$0.1970 before making a run to our previous high at $0.3400. After price action printed a lower high at $0.3400 we saw a new low form at $0.1048 and we haven't seen XRP that low since before our 2017 bull run. Is this a good sign or a bad sign, personally I believe this is a good sign. Why, well if this is a new low this means we should expect a.) a new lower high or b.) a new higher high both options leaving room for a push to the upside. A daily close above $0.2025 indicates we will continue to the upside, first target would be $0.2200
4Hour
Finally shifting over to our trigger timeframe we can see XRP has broken out of its previous resistance at $0.2000 and tested for support. A 4hour close above $0.2015 activates our trade and we should expect the price to continue to the upside. Stochastic RSI showing momentum is in favor of the bulls, with no signs of slowing down. However, if we do see a rejection at this level expect XRP to continue selling off back to $0.1800
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