Looking at the four hour chart for Ripple, we can see that a large bear flag
has formed, as XRP fell to the 38.2% retracement
level, after reaching an alltime high. We can see that volume
has fallen, signaling exhaustion in XRP. In addition, the MACD
is trending lower, confirming the loss of momentum. If the bear flag
is broken to the downside, Ripple should fall to the top of the ascending channel
(green dashes.) Based on the size of the bear flag
, there is a high possibility that price action could fall back into the ascending channel
. It would then be met by the 50 EMA
in orange, then the 50% retracement
level, around $1.35.
Remember, when you want accurate analysis, turn to your trusty ol' friend, the MagicPoopCannon.
Happy New Year!