Hi all! The XRP is traveling within an intermediate-term rising trend channel. It tested the top and has been moving lower ever since. The 7EMA support line failed to hold and the next logical support is at the 30EMA and 100EMA lines. In fact, it appears that volume is getting weaker as price declines.
"Volume leads price" is the saying we hear often in this business and there is a reason, because in most cases it is true. Low volume on a decline like we are seeing on the Ripple is very bearish, the MACD(bearish crossover on the card) starts really tanked which shows that volume is following this decline. Look for a decline to about @0.000068.
However, I think price will reach the lowest point and as a long-term trader, I try as best I can to avoid trading emotionally and instead focus on buying close to support lines where I can maximize reward potential and minimize risk.
I agree and to add to that, looks the bearish divergence from the 86 RSI to the lower high RSI on 76 level and the price itself doing a higher high. We should go down soon to test supports.
Nice analyse! This is my idea for XRP in the short term:
LudwigStirner
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@crypto_Kef, Your short-term analysis sound true, but what will you do if XRP wants to test 7k?
Crypto_Analytics
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@LudwigStirner, I am just looking short term, there will be a lot of support at my target so the price should rise from there. Then I can sell and buy more at 7k if needed