So the Bitmex XRP' future expiration on the 29th, did not cause a big move. It went up, after having been suppressed so much past months, but compared to the rest of the market it is still a big failure. Still hanging around the Dec lows while the rest have left those levels way behind them already. It still went up like 20% but it has been dumped just as fast again this week.
However, it did break up from that triangle and it went above that thick black resistance line as well. There was a volume increase, but not even close to a real breakout volume. Assuming Bitcoin' will make another rally soon, there is a chance that XRP' might play catch up, if it's able to make a successful pullback from the breakout 2 weeks ago. So far it looks good.
When zooming in on the right, it looks like it might be making a double bottom pattern now. It made a nice bounce up to 0.34 with a sideways market and now back down again. This is usually a sign for a double bottom. For the time frame, the low of the double bottom should be hit within 24 hours or so. Target of the W bottom is around 0.35, which is a big resistance on the short term. A break of that level would be a first bullish signs. I have 2 green supports on the right which should hold. If the blue one breaks, i think it will be very bad for XRP'.
Previous analysis:
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XRP, once again, is a weak link in crypto land. Dropping more than others again. Already broke the first support around 0.32. So it does not look good, assuming Bitcoin will make another drop coming day or so, don't know where this one could go to. Only logical thing now is, seeing it move inside of this potential wedge. That way it could still become bullish if that play out. So giving that blue zone a bit more wiggle room.
Nice analysis botje i hope xrp will find some resistance soon because i believe uf we drop more xrp will fall much more...
Edgy_
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I think 30 cents psychological is the important support: If we break through that, we would have the potential to 1. reach the summer lows of last year at 25 cents, and 2. probably even go into the S&R box before the crypto craze started in December 2017, between 15-20 cents.
Also, XRP/BTC is at important .6 Weekly Higher Low support. We should see a bounce going on from here. If not, Ripple is frankly toast. Next important support comes in at .4 in that case.
jscduk12
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Glad to see this XRP idea m8, I certainly see a lot of potential in a trade here. I've taken a very small position already around 0.32 and plan to add to it if it comes to fruition. It's also sitting around a long-term support line now. I suspect April may see a high volume move for XRP, in my case hopefully to the upside. If that support line breaks (as you mention), it could be a very large selloff to low 20s or maybe even lower indeed.
Best of luck, David. Thanks for sharing your thoughts.
All the best,
James
botje11
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@jscduk12, Since it broke out of that triangle, it's like the moment of truth. So i agree with the assumption of a big move either way. Of course no reason at this point to expect a dump. Just need to see the 0.31ish hold.
LittleWhaleTrader
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Thanks David, great!, I am waiting for this 'dead' coin. I smell good chance :)
botje11
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@Raxhel, Your welcome :), i think there is chance here too
cryptozwerg
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@botje11, idd there is a huge possibility here, almost same as ZEC (my favourite for this bear market). Thank you for your work, @botje11 , it is just awesome!
Poukitoun
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Well spotted! What do you think about this possible cycle?
Poukitoun
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@Poukitoun, also I noticed something very interesting with XRP and I was hoping someone with more knowledge like you would see if it has any value: ibb.co/GJyYNLc This is XRP above and BTC below. Very similar price action but it seems XRP is well ahead. Would love to get your thoughts! :)