Luettis

Ripple near bottom

BITFINEX:XRPUSD   XRP / U.S. Dollar
The Ripple has fallen from the upper limit of the trend channel to the lower limit within 8 Weeks (aprox). It has tested it, rebounded, climbed up to the second negative trend line (fine line), rebounded again and is now on its way for the further test of the limit (probably 0.40$).
If the test will be positive then Ripple could rally to the upper limit of the trend channel at 0,63$ - where we also find a swing trend line .
The RSI-indicator touches the slightliy ascending trend line (green, dotted) and should turn now in the next hours or day to confirm the above mentioned scenario.

In EW this scenario would be a classical ABC - correction wave till reaching the lower point at 0.40$, followed by a motive wave 1 to the upper limit.

Even if this projection were correct the longer negative trend would stay valid until Ripple will have left the channel to higher prices. And therefor we need more volume , more momentum.

"No trading advice"

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