Last Chance For The More Bullish Uptrend To Hold (XRP)
The number of times I've assumed XRP would bounce earlier is a bit embarrassing (I'm not ALWAYS right), but crypto always goes to extremes. It usually corrects to the maximum possible zone, just to freak people out. Likewise, when it pumps, it always pumps higher than most people are expecting.
Anyway, I'm starting to see some buying accumulation going on for XRP (finally). It's a little slow so far, but the signs are there. The increasing buying volume, along with a very minor reversal on the hourly chart are starting to increase my confidence a wee bit. Here are the hourly candles, comparing them with other recent "bottoms."
As you can see, we're making an hourly higher high within the range. It's possible that this will only be a short term trading idea, meaning we could still bounce to 7800 and get rejected, but if 7800-7900 falls (pink line within red zone) we could be in for a major move up. That red zone is extremely important for XRP, as I've mentioned before.
Targets are outlined on this chart. It's clear that a sustained break below current levels would NOT be good long term for XRP. This is the last chance for the uptrend to hold. The RSI and the Ultimate Oscillator are both showing us that we're in a good buying zone though, at least in the short term.
If XRP breaks down, it doesn't have much long term support until the dark blue uptrend (currently in the 2400-2500 area). So XRP holders better hope this holds.
This is not financial advice, and I'm not a professional.
-Victor Cobra
Anyway, I'm starting to see some buying accumulation going on for XRP (finally). It's a little slow so far, but the signs are there. The increasing buying volume, along with a very minor reversal on the hourly chart are starting to increase my confidence a wee bit. Here are the hourly candles, comparing them with other recent "bottoms."
As you can see, we're making an hourly higher high within the range. It's possible that this will only be a short term trading idea, meaning we could still bounce to 7800 and get rejected, but if 7800-7900 falls (pink line within red zone) we could be in for a major move up. That red zone is extremely important for XRP, as I've mentioned before.
Targets are outlined on this chart. It's clear that a sustained break below current levels would NOT be good long term for XRP. This is the last chance for the uptrend to hold. The RSI and the Ultimate Oscillator are both showing us that we're in a good buying zone though, at least in the short term.
If XRP breaks down, it doesn't have much long term support until the dark blue uptrend (currently in the 2400-2500 area). So XRP holders better hope this holds.
This is not financial advice, and I'm not a professional.
-Victor Cobra
Comment:
Small bounce so far, but not super convincing yet. I’d like to see XRP get back above 6000 at least.
Comment:
Long term view of the altcoin market cap. A breakdown here could be very bad, since we just bounced off that trendline.
Comment:
We're a bit below the uptrend, but XRP actually did the same before the last major bull run. Since indicators have bottomed out, there's a good chance we see a bounce soon. Guess we'll see! Seeing some big buys on altcoins today on their Bitcoin pairings.
Comment:
XRP is still in a downtrend channel against Bitcoin. A breakout could occur once 5600 is breached. That would be a good buying point for a quick trade, in my opinion.
