TiborVrbovsky

Ripple spotted in a Wedge formation.

BINANCE:XRPBTC   XRP / Bitcoin
Hello, I am back after a while.

Even if may sound like it wasnt I while, I was still uploading Private forex charts to test if they work in same way as crypto, and I would personally say that Forex charts are even better to analyze than crypto as they have more Volume and chart data, history etc.

But lets now look at XRP.

So from 2D chart, you can easily say XRP is a Wedge formation, which necessarily doesnt have to mean a breakout, no, it can just be a trend change formation but still a major move can be seen.

That was something in general, lets talk a bit more technically.

An uptrend was broken by RSI Double top , and from there downtrend began with classic downtrend signs as one downtrend line, support changing to ressistance.

XRP is struggling to break this downtrend even with a strong buy volume spikes which almost each one gets denied really quickly.. as if some big players doesnt the price of XRP to rise, but in another perspective if someone know we are in downtrend there is not reason for a trader not to sell as they can buy a lot cheaper in the support level .

RSI is also suggesting that ressistance is evident here, still has some room to go down.

Conclusion.

XRP is headed down into support zone in Wedge formation. In my opinion its too soon from XRP to see a strong Volume move up, more likely we are about to see a find of support in this "Green Area" from where after a while an uptrend will be formed.

So that would be all from me.
If you have any questions or something what I stated is unclear to You, let me know down below.

Each "Agree" is very aprreciated, Thanks!
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