MagicPoopCannon

Here Are The Most Important Things To Watch, With XRP!

POLONIEX:XRPUSD   XRP / U.S. Dollar
Hi friends! Welcome to this update analysis on XRP! Let's get right to it! Looking at the daily XRP chart, there are several key things that the bulls need to keep an eye on. First, we can see that a death cross is happening today, as the 50 MA (in orange) prepares to cross below the 200 MA (in purple.) The death cross is a bearish indicator, that shows that the short-term average price reflected by the 50 MA, is under-performing the longer-term average price reflected by the 200 MA. Despite the negative technical ramifications of the last death cross, which took place in early April, the technical picture here isn't all gloom and doom. In fact, if we look at the last death cross, it happened when price was at about 0.48. Almost immediately after that, price exploded to 0.99, within two weeks. Admittedly, XRP then saw a decline all the way to the 0.26 level, which has acted as POWERFUL support for an entire year.

Also, sticking with the death cross, it's important to realize that XRP has been in a big long sideways motion for about a year. It has been volatile at times, but in general, price has been consolidating sideways for quite some time. Naturally, the 50 and 200 EMA are going to converge in that sort of a price range, in a way that causes several crosses, which are rather insignificant. While we should definitely note the death cross here, I wouldn't panic over it. After all, XRP is currently holding an ENORMOUS support zone .

As you can see, the green rectangle on the chart shows how our current area was once major resistance. After XRP successfully broke out above that resistance, it soared to it's all time high. Since then, XRP has returned to this region, and is now defining that once powerful resistance as new support. So, from a pure support/resistance standpoint, the chart looks very good, since XRP has held this area so many times. Obviously, if XRP begins to fail to hold this area as support, I will have a different opinion on what the short term technical picture is. As of right now, I am neutral. I'm neutral because XRP is holding this major support zone , but it is below practically every moving average known to man.

On the MACD , we can see that it's showing a potential failure at resistance (red horizontal trendline .) When we look through the history of this support/resistance level on the MACD , we can see that each time it was defined as resistance, there was a selloff. Also, each time it was held as support, there was a rally. So, the fact that the MACD appears to be defining that level as resistance, while preparing to cross over bearish , doesn't look too good for short-term bullish momentum or price movement.

However, on the RSI , we can see that it is just above the oversold level, which is the bottom of the teal colored area. So, since XRP is close to oversold levels, while sitting on top of this enormous support region, it gives me a neutral outlook while considering the other technical factors. If we break above the moving averages, my outlook will become more bullish (short-term.) If we break below the green support zone , my outlook will become more bearish (short-term.)

For now, let's keep an eye on how XRP responds to this support region. It's the most important area on the chart. Good luck trading, everyone!

#PoopLovesYou

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-
Lower highs, support been tested 6 times? Must be MASSIVE support guys!!! lmao, what a joke.
See you around 0.062
Reply
Great view for ripple.
Reply
Broke the major support, almost instantly. Ripple flash crashed to $0.22, and is averaging now at $0.25, below the support. The next target could very well be $0.20, or lower.
+7 Reply
XRP reddit sub on suicide watch now.
Time to profit from this.
+4 Reply
MPC be brave and unfold xlm stellar
+2 Reply
You should also look at the overall health of the Alt Coin market. Right now I see a head and shoulders pattern that has formed with an 80% drop if confirmed.

+2 Reply
reycripto ttrending
@ttrending, nah
+1 Reply
ttrending reycripto
@reycripto, I'm afraid so :(
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out