Since Ripple has announced its xRapid the price jumped up - and then consolidated within a falling parallel channel.
The news for Ripple are still good; Kuwait intends to implement xRapid for international financial transactions.
Although the news are positive this didn´t have an impact on the volume. Ripple is more or less following the movement of BTC (as shown in graph).
Technically spoken, Ripple has touched the upper limit of the channel and has been on its way to the lower side but stopped this movement within the middle of the channel. In the following a wedge has been formed with Ripple approaching the peak. Whether it´ll break out to the top - and then testing the upper limit - or it´ll break out to the bottom and then reaching the marked zone (rectangle).
As Bitcoin isn´t bullish at the moment (on daily chart), RSI below the falling trend line and MACD isn´t sending any signal, the risk for the negative scenario has to be taken in consideration.
On the other hand, with RSI breaking the trendline to the top, new momentum and with a bullish BTC it can still be possible, that Ripple turns up again.
So let´s have a look on the indicators and the wedge!
The news for Ripple are still good; Kuwait intends to implement xRapid for international financial transactions.
Although the news are positive this didn´t have an impact on the volume. Ripple is more or less following the movement of BTC (as shown in graph).
Technically spoken, Ripple has touched the upper limit of the channel and has been on its way to the lower side but stopped this movement within the middle of the channel. In the following a wedge has been formed with Ripple approaching the peak. Whether it´ll break out to the top - and then testing the upper limit - or it´ll break out to the bottom and then reaching the marked zone (rectangle).
As Bitcoin isn´t bullish at the moment (on daily chart), RSI below the falling trend line and MACD isn´t sending any signal, the risk for the negative scenario has to be taken in consideration.
On the other hand, with RSI breaking the trendline to the top, new momentum and with a bullish BTC it can still be possible, that Ripple turns up again.
So let´s have a look on the indicators and the wedge!
Trade active:
Trade active:
Comment:
the correction has been slight and I´m not sure if it has been the whole correction,
I stepped in with a small amount but will stay aware of the next moves
probably we´ll see a counter-reaction to levels at 0.36-0.38$ before the next trend will be clearly ahead
RSI and MACD in negative zone, but turning (in shorter time cycle they have already turned / triggered).
this is no trading advice
I stepped in with a small amount but will stay aware of the next moves
probably we´ll see a counter-reaction to levels at 0.36-0.38$ before the next trend will be clearly ahead
RSI and MACD in negative zone, but turning (in shorter time cycle they have already turned / triggered).
this is no trading advice
Trade active:
Trade closed: stop reached:
After a short breakout to the top (bull trap) the Ripple fell down, crossed the wedge and is actually below the triangle.
RSI ist negative, MACD as well.
One should be patient now.