Hi friends! Welcome to this update analysis on XRP! Let's get right to it! Looking at the weekly XRP chart, we can see that XRP did break down below it's enormous lifelong uptrend channel. That actually happened about a month ago. Since then, XRP has been pushing up into the bottom of the channel. However, thus far, the bottom of the channel has mostly acted as resistance, preventing XRP from decisively regaining this monumental uptrend channel. So, XRP has essentially broken below the channel, and is currently defining it as resistance. On the daily chart, I have noticed a few instances where XRP has traded inside of the channel, and it even managed to close one or two daily candles inside of it. However, that wasn't sustained, as XRP was not able to then hold the bottom of the channel as support.
XRP is clearly in a battle with the bottom of this uptrend channel right now. If we later find that XRP rolls over to the downside, definitively defining the bottom of the uptrend channel as impenetrable resistance, things could get ugly — particularly if we break down below the Gaussian Channel. There is always a possibility that the uptrend channel will be defined as resistance, but XRP will just continue to trend mostly sideways, remaining inside the confines of the Gaussian Channel.
Interestingly, we can see that XRP has held the bottom of the Gaussian Channel as support, similar to the price movement before the 2017 bull run. So, while I would like to see XRP get back into the uptrend channel, I don't think it is absolutely necessary to prevent a downside collapse. Contrarily, I think a collapse could ensue, if the bottom of the Gaussian Channel is lost, in addition to XRP losing the uptrend channel.
Speaking more on the Gaussian Channel, we can see that it's still in the red. So, we will need to see XRP trade above the midline of the channel, or consolidate within it for an extended period of time, before the Gaussian Channel flips green here on the weekly chart.
In addition to holding the Gaussian Channel, XRP is holding this long extended base (in green) just as it did before the 2017 bull run. So, there is definitely a lot of key support right in this area, which I will be watching very closely. The most positive sign for the bulls, would be a close back inside of the uptrend channel, followed by a sustained breakout above the center-line of the Gaussian Channel, which would likely cause the channel to flip green.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
XRP is clearly in a battle with the bottom of this uptrend channel right now. If we later find that XRP rolls over to the downside, definitively defining the bottom of the uptrend channel as impenetrable resistance, things could get ugly — particularly if we break down below the Gaussian Channel. There is always a possibility that the uptrend channel will be defined as resistance, but XRP will just continue to trend mostly sideways, remaining inside the confines of the Gaussian Channel.
Interestingly, we can see that XRP has held the bottom of the Gaussian Channel as support, similar to the price movement before the 2017 bull run. So, while I would like to see XRP get back into the uptrend channel, I don't think it is absolutely necessary to prevent a downside collapse. Contrarily, I think a collapse could ensue, if the bottom of the Gaussian Channel is lost, in addition to XRP losing the uptrend channel.
Speaking more on the Gaussian Channel, we can see that it's still in the red. So, we will need to see XRP trade above the midline of the channel, or consolidate within it for an extended period of time, before the Gaussian Channel flips green here on the weekly chart.
In addition to holding the Gaussian Channel, XRP is holding this long extended base (in green) just as it did before the 2017 bull run. So, there is definitely a lot of key support right in this area, which I will be watching very closely. The most positive sign for the bulls, would be a close back inside of the uptrend channel, followed by a sustained breakout above the center-line of the Gaussian Channel, which would likely cause the channel to flip green.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-