XRP/BTC has an established downward trendline since 20 April '18.
Right now, we can see that the candles squeeze into the resistance.
We can also see some bullish divergence on the 4h RSI, but I don't give that too much credit during a bear market.
If the trendline breaks, it might still be a really good setup for a Long.
I personally wouldn't anticipate the breakout. The resistance around the downward trendline seems pretty strong.
An entry at support with a stop right below it would be a great risk/reward setup though.
If the market doesn't go that low, rather wait for a break of resistance and enter on the pullback or the re-test of the broken trendline.
Like almost every other coin right now, the fate of Ripple lies in the hands of BTC.
Right now, we can see that the candles squeeze into the resistance.
We can also see some bullish divergence on the 4h RSI, but I don't give that too much credit during a bear market.
If the trendline breaks, it might still be a really good setup for a Long.
I personally wouldn't anticipate the breakout. The resistance around the downward trendline seems pretty strong.
An entry at support with a stop right below it would be a great risk/reward setup though.
If the market doesn't go that low, rather wait for a break of resistance and enter on the pullback or the re-test of the broken trendline.
Like almost every other coin right now, the fate of Ripple lies in the hands of BTC.
