Hi friends! I want to get a quick update analysis out on Ripple, and this generally applies to most of the crypto space. Looking at the four hour chart, we can see that ripple is surging higher after holding the blue support line on the sixth touch. Momentum is curling to the upside, and is trying to crossover. We can see that a breakout above the top of the falling parallel channel
has also taken place, so the bulls are gaining some lost ground at the moment. However, we're still well below the 200 EMA
and the 50 EMA
, so there is a lot of resistance above. Additionally, the volume
isn't extraordinarily impressive. On the upside, look for XRP to get back above the 61.8% retrace, and test the bottom of the 200 EMA
(in purple.) A breakdown back into the falling parallel channel
(which appears to be happening as I write this) will signal a failed breakout attempt, and will likely revive the selling pressure, as the bears salivate at the potential for more easy money. A sustained break below the blue support level
, will be the nail in the coffin for XRP. Keep in mind, there is no confirmation of a continuation higher. We need to see evidence first, and currently, there is none. I will keep you posted, as the charts develop.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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