Hi friends! Welcome to this update analysis on Ripple! let's get right to it. Looking at the four hour chart, you can see that XRP has formed a large bear flag, right on top of the ascending trendline support. The 20 EMA (in blue) continues to act as overhead resistance, and the rising black trendline has already been violated on multiple occasions. The repeated violations of the black trendline are weakening it as support, and the fact that we are in a large bear flag, with falling overhead resistance, makes a breakdown appear inevitable. The dotted line that is projected from the bottom of the bear flag, represents a correction to the full potential of the flag. You can see that the projection is much deeper than the low that was formed on 2/6. However, we can use the 2/6 low, at about 0.57, as our initial target. Interestingly, the projection of the bear flag reaches the exact capitulation low of 12/22. Keep an eye on the flag, and watch for a breakdown in the near future. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
