Ahhhh, the infamous Ripple! Let's see what XRP is doing. Looking at the four hour chart, we can see that it has reached, and greatly surpassed, my "first target" at the 61.8% retracement level. More importantly, we can see that XRP has fallen back into the downtrend channel, in a crystal clear head and shoulders breakdown. Interestingly, we can see that there was a big drop a few hours ago, but the bulls came in and pushed the market higher, to form a hammer candle on the chart. However, just because there is a hammer on the chart, with nice volume, doesn't mean that the bottom is in. XRP could easily stay inside of the downtrend channel and just keep heading lower. On the downside, look for XRP to find support around $1.11, and then the 78.6% retracement level. To rescue this market, the bulls need to get XRP back above the 200 EMA (in purple,) and then the 50 EMA (in orange.) Speaking of the moving averages, the 50 is diving down toward the 200. A cross of the two, combined with other negative technicals, is generally viewed as a sell signal. I'm not recommending that anyone sells there. I'm just explaining the significance of the death cross. On the MACD, we can see a bearish crossover (red circle,) followed by expansion to the downside, which makes further sell-side pressure likely.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Pleas follow, comment, like, and share on social media! Good luck trading everyone. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Pleas follow, comment, like, and share on social media! Good luck trading everyone. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-