Hi friends! Welcome to this update analysis on Ripple! Let's jump right in. Looking at the four hour XRP chart, we can see that it's still trading inside of the maroon downtrend channel. Over the past 24 hours, XRP has attempted and failed to get above the top of the channel, as it continues to grind lower. We can see that XRP is caught between support and resistance levels as well. On the upside, we have the top of the channel, the 50 EMA (in orange,) and then the 200 EMA (in purple.) On the downside, Ripple has the 61.8% retrace, the dotted red trendline, and the bottom of the falling channel. Since there is a significant amount of support and resistance, on both sides of the price action, we could see XRP stagnate, until a breakout occurs.
Overall, when I look at this chart, I see a bear market downtrend, as XRP continues to fall from the all time high. Since it is a bear market downtrend, my bias is toward the downside. Until evidence emerges that suggests that this bear market is over, I will continue to lean bearish. Remember people, the trend is your friend! Don't fight it. Since I know that the trend is my friend, I know that the upside will be limited — until I'm proven wrong. People who try to catch the bottom of a bear market, usually get destroyed as the market continues to fall. People who trade with the trend, are usually only wrong once, and that's when the trend confirms a reversal.
Looking at the MACD, we can see that it has made a bullish crossover, but not on terribly impressive volume or price movement. At this point, we need wait for the market to move, to be able to determine which way we will go from here. The bias is to the downside, but we are being pinched between support and resistance. When XRP breaks, it could produce some high volatility, so stay on your toes. Remember, this market is different than it used to be. It is now heavily traded by institutional investors, who are generally more sophisticated than the average crypto investor. They want easy money — and that easy money is currently being made on the downside.
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.***
-MPC loves you-
-JD-
Overall, when I look at this chart, I see a bear market downtrend, as XRP continues to fall from the all time high. Since it is a bear market downtrend, my bias is toward the downside. Until evidence emerges that suggests that this bear market is over, I will continue to lean bearish. Remember people, the trend is your friend! Don't fight it. Since I know that the trend is my friend, I know that the upside will be limited — until I'm proven wrong. People who try to catch the bottom of a bear market, usually get destroyed as the market continues to fall. People who trade with the trend, are usually only wrong once, and that's when the trend confirms a reversal.
Looking at the MACD, we can see that it has made a bullish crossover, but not on terribly impressive volume or price movement. At this point, we need wait for the market to move, to be able to determine which way we will go from here. The bias is to the downside, but we are being pinched between support and resistance. When XRP breaks, it could produce some high volatility, so stay on your toes. Remember, this market is different than it used to be. It is now heavily traded by institutional investors, who are generally more sophisticated than the average crypto investor. They want easy money — and that easy money is currently being made on the downside.
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.***
-MPC loves you-
-JD-