BITFINEX:XRPUSD   XRP / U.S. Dollar
Currently, XRP is at historically low price levels since it had its run in December.

As it moves down the descending channel the price is contained within, we should look for a bounce from past psychological support and, an upside break of the channel.

The double bottom taking place on the Stochastic RSI and the TRIX indicate a potential upside break.

If these conditions play out in that way we could see an extension to the .236 or .382 fibonacci levels. However, I don't think the .382 level is likely unless the Kijun is able find a level of support in the scenario of upward price action.

The thinning Kumo indicates lesser volatility , and our candles show a a possible bearish engulfing candle taking place. If an upside break does not occur of the channel and the bearish engulfing pattern completes and the price break past the first level of psychological resistance. We could then see a drop down to the 0 fib level at 0.35554

Comments

never tested the .28-29 high levels so will wait for sub.30 to buy heavy
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