MagicPoopCannon

Ripple Attempts To Rise From The Dead! (XRP)

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
Hi friends! Let's take a look at Ripple! Looking at the four hour chart, we can see that the bear flag pattern did break down, but prices did not immediately plummet. We can see that after the breakdown occurred from the bear flag , taking XRP below the neckline support/resistance level, XRP has curled back up to test it. What you are witnessing, is the act of confirmation. XRP has broken below support, and now it is testing it, to define it as resistance. Interestingly, we can see that several resistance levels are all converging above XRP at the moment — the neckline of the head and shoulders pattern (black trendline ,) the 200 EMA (in purple,) and the 50 EMA (in orange.) When such convergences materialize, they increase the likelihood that support or resistance will hold. With that being said, if the bulls manage to explode above all three, that would be a great short-term victory. Looking at the volume indicator, we can see that it is very low, proving that traders understand that this is a moment of uncertainty in XRP. Everyone is waiting on the sidelines, until XRP makes a decision on which way it wants to break. At the moment, the bears have the edge, because a breakdown has occurred from the bear flag , and it has pushed prices below key levels. Looking at the MACD , we can see that it is really starting to flatten out, as the indecisiveness carries on. All-in-all, mixed signals are starting to develop in the crypto space. I'm seeing some bullish reversals, and some bearish continuation moves. I think this is a point where it's best to sit back, watch the market, and let it decide which way it wants to go.

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-
Comment: Update: XRP can't run into the ceiling forever. It remains stagnant under the overhead resistance, and a bearish crossover is approaching on the MACD. Stay on your toes people.

-MAGIC-
Xrp like other coins are just following btc at the moment. When on the 24th jan they will give rating on coins i think we might see another correction
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theromzes ozzyuno
@ozzyuno, what will happen on the 01/24?
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thanks alot for the TA! as always looking much forward for more crap coming from you!
+1 Reply
We love you to MPC
+1 Reply
Pump BTC, move BTC in alts -- pump alts with exit in USD , dump together.. repeat. That's why you see them like a mirror now and this fast big buy orders in 1min candle on all... exactly in same minute... only % is different, XRP was little ahead this time.
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Hi MPC. Any updates on ripple? Thanks
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You are awesome MPC. Clear, concise and educational. Thank you
+3 Reply
MagicPoopCannon windedpenguin
@windedpenguin, Thank's for the love! Blood, sweat, and tears goes into this, so it means a lot when people appreciate it.

-Magic-
+5 Reply
add more altcoin btc trade
+1 Reply
Thanks for the update! Good stuff. I have been doing nothing but shorting XRP for the past 24 hours. With my own TA and your updates combined I have been extremely profitable. So, thanks again!
I am currently not in any position, waiting on confirmation that the retest will fail and then will ladder my buys (shorts) every 2.5% drop, 1/4 of my desired position x 4. Aiming to close the short @ 3% above the support we keep bouncing off of.
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