ReadBTC

XRPUSD - 1W Chart Analysis

BITSO:XRPUSD   XRP / U.S. Dollar
After the big drop of the market capitalization which made most of the crypto currencies to be under pressure, it seems that the things have calmed down, at least for the short term.

And even if most of the charts are indicating "bearish" trends, the one for Ripple can be considered an exception caused by a small "delay".

On a 1W chart, we can see how the price has jumped on the 3rd week of September between the 20 days Moving Average and the upper standard deviation of the Bollinger Bands and "officially" it still has a bullish trend .

But the actual situation is about to change as long as the RSI is heading towards the "oversold" area, the "fast" line of the Stochastic just went below the "slow" one and the MACD seems to register a crossover anytime soon.

The ones with a higher risk appetite can consider opening "Sell" positions with a possible target anywhere above the Support Level of 0.3532$ while the "cautious" ones can wait to see if the red candlestick will be fully created below the 20 days Moving Average, as a confirmation before taking any decision.
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