Ripple struggles to make a double bottom! - RIPPLE! (XRP)
Greetings friends, traders, everyone...
Boy XRP has had a rough time. Personally I don't see what all the fuss is about with this token, so I am happy to see it have such a heavy correction from the FOMO of months past.
Here, Ripple has staged a bit of a rally. Now, if this is an impulse wave off the bottom of a new fib uptrend (last one failed), we need to watch this closely.
I have modified the fib downtrend channels to indicate a new potential breakout zone. Put simply, I was not happy with my previous analyses. Yes, the short trade went well, but a six year old could have predicted that. The fib channels I think, were not quite valid, or properly placed. I am more confident, and happier with this analysis than those previous.
We can try a couple different things here. The risky option is to try a long trade. I would keep position size small if you want to try that. A good entry could be 4500 satoshi area targeting just above 6k sats.
A safer option is to wait and observe the reaction to the upcoming downtrend of resistance, not the one we sit under now, but further ahead towards the end of June/Beginning of July. Fib time zones indicate a new uptrend could bring us to a test of that within the next 2-6 weeks....its very hard to say when. Ideally, I would like to see XRP continue to retrace here, down to the 70% level, and then continue up in a new wave, letting the 127% - 162% extension carry us up and through resistance. From there, a breakout trade would have much more success. This ideal scenario is depicted by the orange arrow.
So far, we have seen XRP have strong reactions to Fib time zones, they have simply been short lived - a sign of a strong downtrend that I suspect stems from the bubble-ish (is that a word) nature of the last major rally near the end of 2018. Further lending to this idea, are the massive sell off wicks at every level of that pump.
If XRP does not break out, and up here, the immediate future could become quite bleak. I think this is simply, again, due to the speculative nature of this market, but especially this coin.
Keep an eye on these fib time zones from the uptrend (orange) and the recent downtrend (yellow).
Good luck, traders!
Previous analyses:
Boy XRP has had a rough time. Personally I don't see what all the fuss is about with this token, so I am happy to see it have such a heavy correction from the FOMO of months past.
Here, Ripple has staged a bit of a rally. Now, if this is an impulse wave off the bottom of a new fib uptrend (last one failed), we need to watch this closely.
I have modified the fib downtrend channels to indicate a new potential breakout zone. Put simply, I was not happy with my previous analyses. Yes, the short trade went well, but a six year old could have predicted that. The fib channels I think, were not quite valid, or properly placed. I am more confident, and happier with this analysis than those previous.
We can try a couple different things here. The risky option is to try a long trade. I would keep position size small if you want to try that. A good entry could be 4500 satoshi area targeting just above 6k sats.
A safer option is to wait and observe the reaction to the upcoming downtrend of resistance, not the one we sit under now, but further ahead towards the end of June/Beginning of July. Fib time zones indicate a new uptrend could bring us to a test of that within the next 2-6 weeks....its very hard to say when. Ideally, I would like to see XRP continue to retrace here, down to the 70% level, and then continue up in a new wave, letting the 127% - 162% extension carry us up and through resistance. From there, a breakout trade would have much more success. This ideal scenario is depicted by the orange arrow.
So far, we have seen XRP have strong reactions to Fib time zones, they have simply been short lived - a sign of a strong downtrend that I suspect stems from the bubble-ish (is that a word) nature of the last major rally near the end of 2018. Further lending to this idea, are the massive sell off wicks at every level of that pump.
If XRP does not break out, and up here, the immediate future could become quite bleak. I think this is simply, again, due to the speculative nature of this market, but especially this coin.
Keep an eye on these fib time zones from the uptrend (orange) and the recent downtrend (yellow).
Good luck, traders!
Previous analyses:
Comment:
hmmm. looks to be playing out nicely. I haven't entered this one yet but a breakout trade would be great here.
