TA possibly showing XRP rise?
Looking at the chart, there could be a descending wedge on the 1H chart. A possible rise could take place if it reaches its major resistance at $0.54. However, it could drop slightly lower as the daily chart indicates each time Xrp has contested the resistance, it falls slightly lower and then bounces back up. Overall, this creates a small decline trendline on the Daily chart. If Xrp does bounce when it hits the resistance, it could hit $0.67 or maybe at a push hit $0.74 (next Fibonacci levels).
The CCI is rising on the 1H chart while the commodity is losing downward momentum. Back this up the stochastic is incredibly low, K% at 9 while D% at 12, meaning a small drop followed by a rise. The RSI as of writing is at a very oversold state, sitting at 27 as of writing.
If Xrp does rise, I expect it will follow its bearish trend until the top trendline meets the major resistance line. The Bears aren't finished yet, but soon they will be.
This is my opinion. I am not a financial adviser. This is information for analysis and educational purposes only.
Please feel free to add comments, ideas and critics of any areas I could improve my analysis.
The CCI is rising on the 1H chart while the commodity is losing downward momentum. Back this up the stochastic is incredibly low, K% at 9 while D% at 12, meaning a small drop followed by a rise. The RSI as of writing is at a very oversold state, sitting at 27 as of writing.
If Xrp does rise, I expect it will follow its bearish trend until the top trendline meets the major resistance line. The Bears aren't finished yet, but soon they will be.
This is my opinion. I am not a financial adviser. This is information for analysis and educational purposes only.
Please feel free to add comments, ideas and critics of any areas I could improve my analysis.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.