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XRP Daily Analysis: Continued Downtrend or Bitcoin Hedge?

Long
BITFINEX:XRPUSD   XRP / U.S. Dollar
XRP according to Nouvive Intelligence is a Bitcoin Hedge, especially as a recent report by Nouvive illustrates that there is a continued downtrend for Bitcoin . Could we see XRP as a hedge to Bitcoin over the following week or does it too have a continued downtrend? 

What do the charts show? 

Bullish 

  • During the London open, whilst Bitcoin was decreasing, it appears to have found a local bottom at $0.344, before bouncing and reversing to $0.35, before seeking according to Wyckoff Spring to re-test $0.354. 
    Accumulation following finding the local bottom saw a bottom on the OBV before bouncing up, it appears that based on the data, it appears that the market believes that there is another leg up. 
    The current support following the downtrend is found to be $0.346, a wick below it would make it redundant and continued down-trend is possible.
    A close above it would indicate that it may be used as a hedge against the falling Bitcoin
    There is a gap at $0.349 to be filled. 
    A break past $0.358 would indicate that the volume gap below $0.37 needs to be filled - this is more than likely based on the RSI Stochastic indicating a buy level from the current support at $0.348
    MACD on the higher time frames hase flashed green for the first time since early December - indicating that there is going to be continued momentum.

Bearish 

A close below $0.345 would indicate, that we are more than likely to see the volume gaps and the support at $0.34 tested.

Nouvive Says: XRP can be used as a hedge against the falling Bitcoin , a close above $0.356 would indicate that there is continued momentum to see the trend line at $0.358 to be re-tested before a break to under $0.37 to fill the several volume gaps below it. 

Comments

Hedge? Really nah
Reply
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