Hi friends! Welcome to this analysis on Ripple! Let's get right to it! Looking at the daily XRP chart, you can see that price is RIGHT on top of the 200 EMA (in purple.) Just below the 200 EMA, is the 50 EMA (in orange,) which is converging with a "Huge Support" level that has clearly been very reactive. So, there is an enormous amount of support just below XRP at the moment. Furthermore, XRP is coasting on top of all of this support, after it was launched higher on massive volume, during mid September. Now, there hasn't been any real follow through, to that rally in early September, but we are holding critical support. So, if XRP begins to move higher off of this support, I would expect initial resistance to come in around $0.62. HOWEVER, (and this is a big "however") if XRP begins to break down below this critical support that it's currently grinding on, it could have disastrous effects. A break below the "Huge Support" level would likely send price back down to the $0.37 handle, followed by a decline to $0.24 and $0.20. So, it's pretty clear that XRP needs to hold this critical support, or things could get ugly. Ultimately, XRP's immediate future is likely to rely upon BTC's action, which has been anything but "action." If BTC remains quiet, expect XRP to continue it's sideways grind.
PS. I can't say no to Agnes. =D
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-
PS. I can't say no to Agnes. =D
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-