XRP: Another buy opportunity?
Updated
Looking at the daily, XRP has created a descending triangle which is a continuation pattern of the correction that XRP is currently having. Taking a look at the Fibonacci from XRP's last big bull run to $0.78 the floor of the descending triangle has formed at the 0.62 support line. Assuming that the descending triangle follows a normal pattern, we will see XRP break down below its side-ward support and retest the 0.24 Fibonacci support line.
In addition to this the RSI is teetering right in the middle at a value of 50 showing lack of direction. However when put together with the low volume in the market there is little evidence that XRP will be going toward the upside in the short term.
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In addition to this the RSI is teetering right in the middle at a value of 50 showing lack of direction. However when put together with the low volume in the market there is little evidence that XRP will be going toward the upside in the short term.
Thanks for reading!
If You like this TA please hit the LIKE button!
Also, leave a comment with Your thoughts and feedback!
*This information is not trading advice and is to be used for educational purposes only!
Note
XRP is still trading and we are waiting for a breakout in either direction.Note
Seeing that currently the Alt market is following BTC, XRP have to the downside. If BTC is stable for a while then we might see some more price action from XRP.Note
XRP has found some strong support at the 0.38 fib level, however if this support is broken we will see XRP retest the 0.24 level. Keeping in mind that the market currently dictated by BTC and its volatility, if BTC continues in the down trend we will most likely also see XRP trend downward.
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