botje11

Ripple XRP Bulls are Not Convinced yet, Possible Double Bottom

BITFINEX:XRPUSD   XRP / U.S. Dollar
Where i said yesterday we should see another small wave down to complete the right shoulder for that inverse H&S , it seems that small one was already it (yellow circle). It was there already in size, but i thought it was too small in time to be complete already. Also with the small pace of the market the past weeks, i assumed it could take days maybe for Bitcoin' and the market to make the second step up.

Anyway, compared to some others, XRP' did a small step yesterday. Most are above the 0.34 level of XRP'. Does not have to mean anything yet though. That trend line on the left looks legit, so if we see that one break, we should see an attack on the 0.34 zone. I think if yesterday's high breaks, the 0.34ish will also break. I think the 0.36 zone is much more important. If that level can break, we could start to think this potential double bottom formation is real. So there is a very long way to go, but i have drawn it already so we can be prepared in case we see more bullish movement coming weeks. There is nog volume yet for XRP', but i think it might start to show if that trend line breaks.
Short term level can be seen on the right. The 2 green support have to hold. The blue neckline support is the difference between bear and bull.


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Previous analysis:
Feb 09
Comment: Still following the bull flag pattern here, so still all good so far. I have put in the xrpBTC chart as well, showing the long term analysis i did on this pair a while back, the big bearish wedge and the current lower time frame.

It's still all above support zone, but it is good to be prepared here. Because XRPBTC just broke a small support again and the yellow are rejection is also a bad sign.

So XRP really needs to improve coming days and play catch up compared to the rest of the market, otherwise it is more likely to assume, something else is going on here with XRP.

The current bull flag from the middle has to succeed, otherwise it will be very likely that the blue trend line on the left will break. If that happens, could be the bears will take over. If the bull flag does work out, we could see an acceleration up as well and do the catch up i mentioned.

Feb 10
Comment: There seems to be something wrong with XRP, it's just such a weak link and getting in a very dangerous zone now. The XRP/BTC pair already broke that blue support line and got a small dump, even breaking that green support on the left and right chart (same support zone). The usd pair is very weak as well, also broke the bull flag, tested the flag and got rejected as well and now already at the important blue support.

It just doesn't make any sense to me, it made a big pump 2 weeks ago, dropped and another pump 2 days ago and now looking so weak, while the rest of the market is in good/decent shape. If this blue support line breaks, it will most likely drop more. But very conflicting at the moment, because if that support breaks, it would mean the rest of the market will drop as well.

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Comments

do you really think the rest of the market WILL drop as well if XRP drops or that it COULD drop as well? difference being XRP as market leader showing direction as ETH sometimes does.
+1 Reply
botje11 moviestar
@moviestar, Exactly, that is what worries me, XRP has also been a leader. I don't think XRP could drag the market down, i am just worried it might be showing the way already. But as long as BTC holds that bullflag, too soon to get worried
+1 Reply
Great bias. I made some extended analysis on XRP. Check my analysis
Reply
Well done :)
Reply
botje11 SpaceCatZ
@SpaceCatZ, Thank you :)
Reply
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