MagicPoopCannon

My Twitter Peeps Wanted Ripple! Done! (XRP) =D

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hi friends, and congratulations to my second place Twitter voters, who voted for an analysis on Ripple! Without further ado, let's see what's going on in XRP.

Here on the daily chart , we can see that XRP has been trapped inside of a downtrend channel (in blue) since early 2018. However, there are some interesting technical developments on the chart. As you can see, XRP has been suppressed by the 10 EMA (in pink) since November 21st. However, today we broke out well above the 10 EMA , albeit on light volume . Now that we can see that a breakout above the 10 EMA is occurring, let's take a look through history to see what we can learn.

Beginning on the left side of the chart, you can see that XRP was below the 10 EMA , and then it rallied above it (first green arrow) and produced a surge into the 50 EMA (in orange.) The 50 EMA was resistance that price couldn't surpass, and XRP fell back below the 10 EMA . Then price popped back above the 10 EMA (second green arrow) and rallied to the 50 EMA again. Price fell back down, and it stayed below the 10 EMA . Then, price popped above it (third green arrow) and rallied to the 50 EMA again, and then all the way up to the top of the channel. From there, price fell, back below the 10 EMA , and then it eventually popped above the 10 EMA again (fourth green arrow) rallying into the 50 EMA again. Price then had one more rally above the 10 EMA (fifth green arrow,) into the 50 EMA , then fell to the bottom of the channel. From there, it popped above the 10 EMA (orange arrow) but failed to reach the 50 EMA . Price fell back below the 10 EMA , then rallied back above it (sixth green arrow,) and surged through the 50 EMA , all the way to the top of the channel.

Now, XRP has popped above the 10 EMA again. We know that six out of the past seven times, this action has produced a rally at least to the 50 EMA . In other words, based on recent history, there is an 85.72% chance that XRP will reach the 50 EMA . That's around 0.3740 or so. If price gets above and holds the 50 EMA as support, look for a rally into the top of the downtrend channel . On the other hand, if the 50 EMA acts as resistance, a retest of the recent low would be likely.

Happy Holidays Everyone, and good luck trading!

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-
Dec 17
Comment: Correction: A 50 EMA test (if it happens quickly) would be closer to 0.3800.

Comments

THANK YOU MAGIC! Ive been wanting to see your analysis on XRP for awhile now!
+1 Reply
Thank you Magic.
+1 Reply
ok and now about ripple ? because ripple going up to 50ema but do your think is going to the moon???
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Mangaladaymers Mangaladaymers
@Mangaladaymers, please update about ripple
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Any update on this Magic? One of the very few traders on here that really knows his shit
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@Bluewhere, lol
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GREAT CALL, but now it looks like we have moved passed, unless my 50 ema is setup wrong, how long does it need to stay past here to move to next target. thank you
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so i don't understand is goping to the moon or collapse?
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MagicPoopCannon Mangaladaymers
@Mangaladaymers, Based on recent history, there is an 85.72% chance that XRP will reach the 50 EMA . However, it's still in a bear market. So, even if we see a strong rally, the overall bias is to the downside.
+1 Reply
Will XRP capitulate bad like BTC soon?
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