XRP Looking For A strong Pop
Updated
It looks like XRP is ready to pop out of its falling wedge because the RSI is on the brink of breaking its trendline and because the bodies are small and increasing in size to the upper trendline. For more Information check out my previous analysis:
Previous Analysis:
Previous Analysis:
Note
On the weekly time frame, there is a high volume hammer, which is a single candle stick reversal pattern. They are generally pretty reliable, however, the reversal point is denoted by the very bottom of the hammer, and if that point is broken the hammer is generally void. A hammer bottom does not mean we will see a reversal immediately, as price action may want to retest the lowest low of the wick. Note
In all honesty, I am surprised ripple did not move as well as others recently, however, it does not mean it wont move well, the timing may be staggered, or I may be incorrect.Note
Hopefully, the bottom of the hammer provides some support, but it looks like BTC will drop, and if BTC drops, it will drop the whole crypto market.
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.