XRP bullish wedge, but weak breakout
XRP formed a nice bullish wedge past weeks, broke out few days ago but so far no follow through. It's not too late yet, but already taking too long for the second step up. This can be a sign that there are no real bulls around to pump it towards the yellow circle. In theory it can drop towards the blue line and then still bounce up, but from experience, if the breakout level breaks (blue zone), it's a sign of weakness and bullish follow through becomes less likely.
Almost the same deal for the xrp/btc pair and it's triangle. But that has a bigger support below it where a potential double bottom might get formed. However, it keep hanging above the support instead of really bouncing up from it. So the longer it takes, the weaker the bulls are and it might even fail completely.
XRP/USD pair has fallen to it's mid-term support now past week or 2. So there is not much room left to drop. A break of 0.37ish is probably very bad. This indecisiveness falls into place with where Bitcoin is at. Bitcoin bulls can seem to be making up their mind on breaking the 11.700/12k zone. That's probably also the reason why XRP can't make up it's mind as well. So if Bitcoin breaks up, xrp/usd should move up as well, but still won't guarantee that the xrp/btc pair will move up. Have all seen how shitty alts have been lately. XRP/USD has a small resistance now just above the 0.40.
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Almost the same deal for the xrp/btc pair and it's triangle. But that has a bigger support below it where a potential double bottom might get formed. However, it keep hanging above the support instead of really bouncing up from it. So the longer it takes, the weaker the bulls are and it might even fail completely.
XRP/USD pair has fallen to it's mid-term support now past week or 2. So there is not much room left to drop. A break of 0.37ish is probably very bad. This indecisiveness falls into place with where Bitcoin is at. Bitcoin bulls can seem to be making up their mind on breaking the 11.700/12k zone. That's probably also the reason why XRP can't make up it's mind as well. So if Bitcoin breaks up, xrp/usd should move up as well, but still won't guarantee that the xrp/btc pair will move up. Have all seen how shitty alts have been lately. XRP/USD has a small resistance now just above the 0.40.
Please don't forget to like if you appreciate this :)
Previous analysis:
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