Ripple XRP Double Bottom in the Making
Updated
So the Bitmex XRP' future expiration on the 29th, did not cause a big move. It went up, after having been suppressed so much past months, but compared to the rest of the market it is still a big failure. Still hanging around the Dec lows while the rest have left those levels way behind them already.
It still went up like 20% but it has been dumped just as fast again this week.
However, it did break up from that triangle and it went above that thick black resistance line as well. There was a volume increase, but not even close to a real breakout volume. Assuming Bitcoin' will make another rally soon, there is a chance that XRP' might play catch up, if it's able to make a successful pullback from the breakout 2 weeks ago. So far it looks good.
When zooming in on the right, it looks like it might be making a double bottom pattern now. It made a nice bounce up to 0.34 with a sideways market and now back down again. This is usually a sign for a double bottom. For the time frame, the low of the double bottom should be hit within 24 hours or so. Target of the W bottom is around 0.35, which is a big resistance on the short term. A break of that level would be a first bullish signs. I have 2 green supports on the right which should hold. If the blue one breaks, i think it will be very bad for XRP'.
Previous analysis:
It still went up like 20% but it has been dumped just as fast again this week.
However, it did break up from that triangle and it went above that thick black resistance line as well. There was a volume increase, but not even close to a real breakout volume. Assuming Bitcoin' will make another rally soon, there is a chance that XRP' might play catch up, if it's able to make a successful pullback from the breakout 2 weeks ago. So far it looks good.
When zooming in on the right, it looks like it might be making a double bottom pattern now. It made a nice bounce up to 0.34 with a sideways market and now back down again. This is usually a sign for a double bottom. For the time frame, the low of the double bottom should be hit within 24 hours or so. Target of the W bottom is around 0.35, which is a big resistance on the short term. A break of that level would be a first bullish signs. I have 2 green supports on the right which should hold. If the blue one breaks, i think it will be very bad for XRP'.
Previous analysis:
Note
XRP, once again, is a weak link in crypto land. Dropping more than others again. Already broke the first support around 0.32. So it does not look good, assuming Bitcoin will make another drop coming day or so, don't know where this one could go to. Only logical thing now is, seeing it move inside of this potential wedge. That way it could still become bullish if that play out. So giving that blue zone a bit more wiggle room.
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