MagicPoopCannon

A Look at XRP in The Short Term

POLONIEX:XRPUSD   XRP / U.S. Dollar
Looking here at the short-term price action for XRP, we can see that after the recent explosion higher, XRP formed a clear pennant /symmetrical consolidation triangle (in blue.) From there, price broke down below the pennant , and rallied back up to the apex. We can now see that the apex has acted as resistance, and XRP has turned lower from that point. This is a textbook symmetrical triangle breakdown. Seeing XRP rally to the apex and then fail, is confirmation that lower prices are likely on the horizon in the short term. However, there is a hidden bullish divergence here on the 4 hour MACD . You can see that the MACD is forming lower lows, while price is forming higher lows (particularly regarding the lows of November 26th and December 9th.) At a minimum, I'm looking for price to retrace to the 0.44-0.45 level, which corresponds to the 61.8% retrace, as well as th 16% retrace of the 2015 bear market, which I've identified as an extremely important level in previous analyses. As you can see on the chart, those two levels are right on top of one another, right at the 0.45ish range. If that level breaks, I think XRP could experience a more significant decline, but as of now, I think that's the technical price level to watch. Overall, I believe this will likely be a short to medium term consolidation before we return to the upside.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.