XRP Ripple bottom formation coming to an end
Updated
The past months, each small or bigger (low time frame) rally XRP' made got smashed down each time. Just as we could see in my previous analysis, where is showed a nice bullish wedge which reached it's target, but got dumped just as fast again. But instead of breaking down, it remains above the 0.29/0.30, suggesting accumulation is going on.
In the middle we can see a curved support line, which is something i thing that should be watched closely. Because if that blue line breaks (with some margin) we could see it drop to the lows again. If we do break that big resistance around 0.33, we should see a big jump up, together with some decent volume. If it will be a small breakout, it will be very likely again to see it getting sold again.
On the left we can see another big resistance around 0.4, if that one breaks, i think the low might be set. short term, think that triangle is something to follow.
Previous analysis:
In the middle we can see a curved support line, which is something i thing that should be watched closely. Because if that blue line breaks (with some margin) we could see it drop to the lows again. If we do break that big resistance around 0.33, we should see a big jump up, together with some decent volume. If it will be a small breakout, it will be very likely again to see it getting sold again.
On the left we can see another big resistance around 0.4, if that one breaks, i think the low might be set. short term, think that triangle is something to follow.
Previous analysis:
Note
XRP is completely dead lately. Already broke that blue curved line, without even a fight. There is one, maybe an important note, about XRP. Since the Dec expatriation at Bitmex ended and the March started (which ends at 29-03), the price has simply been dropping (xrp/btc). Like someone is keeping the price at a low point to get max profit on the futures. Now the total amount open intrest, has a value around 40 million. My first thought is, that amount is not enough for such an operation, but they might be doing the same at other exchanges. I don't know, because i only know Bitmex myself. I know the chart looked a bit bearish (the btc pair), i posted a big bearish wedge myself 3 months ago, but it has not been really dropping. Like a slow steady controlled drop. Could be noise, maybe some of you who know more about this, please share.
Anyway, on the right it seems a legit channel has been formed now. Can't make anything else about XRP now, but seeing bearish movement is more likely. Anything below 32.5/32.7 remains clearly in favor of the bears.
Note
XRP still moving in that channel. On the left we can see the XRP/BTC pair with a short term support zone. If that one breaks, likely to see a new low again. Note
That Bitmex OI story i mentioned, it's even worse than i thought. Will try to explain more later today
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