On the 1D we are also way oversold as XRP has just been punished in this Bear Market.
What's more insane to me, is the crazy amount of Shorts that have currently built up on XRP which could provide a massive short squeeze launching the price.
$XRP had a small bounce off the support and bullish pressure appears to be building on the 4 hour CMF.
XRP hit the 10 MA which is currently acting as a small resistance.
Overall, I'm still very bullish on $XRP. It respected its support and bounced, indicators are flipping to bullish and shorts are still stacked high.
If $XRP continues to build volume and price, shorts will start liquidating or traders will rush to close them giving us some explosive results and we may see one of our first altcoins chase up after $BTC
It bounced up roughly 5% before hitting the 20 MA (4 Hour) which lines up with the VPVR Resistance.
It appears to be consolidating into a small Bull Pennant.
CMF and OBV are still trending bullish (4 Hour).
Shorts are still loaded for XRP giving the opportunity for a very volatile run if they start closing or liquidating.
While the amount per rally has been *vastly* different (lowest 56% highest 2000%) When the Stoch is as oversold as it is, we historically have had a rally each time.
TA wise, it makes sense to hit the top resistance line, roughly 270%
So, as always the trade will be monitored, but I believe this rally has the *potential* (keyword) of about 270%
Now on the 1D Heikin-Ashi, we're seeing a green Doji forming (needs to close that way today to confirm). If it closes as a Doji, it will be the first sign of a larger trend reversal. First resistance is at about 6125 with the next at roughly 7000.
If it closes today with the same structure, it will be a nice bullish statement for the overall trend of $XRP.
First major resistance appears to be around 7000 sats.
We're seeing Bullish pressure building on the CMF while price is dropping giving us Bullish Divergence. I would expect to see us bounce here soon
On the 4HR, we've come down to the Kijun which is acting as a support and we can see the candles are consolidating.
We also had a strong 10/20 MA cross and very close to a Bullish TK Cross.
On the 1D Heikin-Ashi, the Daily candles are green with no shadow underneath showing strong buying power. If a shadow starts to appear, that would be the first "warning sign" of the overall trend slowing down.
I hope this helps! You can also google "Investopedia Short Squeeze" (or Investopedia "term") for anything that you're not familiar with. Investopedia is a great resource to get your feet wet with unfamiliar terms. :)