Looking at the chart, there could be a descending wedge on the 1H chart. A possible rise could take place if it reaches its major resistance at $0.54. However, it could drop slightly lower as the daily chart indicates each time Xrp has contested the resistance, it falls slightly lower and then bounces back up. Overall, this creates a small decline trendline on the Daily chart. If Xrp does bounce when it hits the resistance, it could hit $0.67 or maybe at a push hit $0.74 (next Fibonacci levels).
The CCI is rising on the 1H chart while the commodity is losing downward momentum. Back this up the stochastic is incredibly low, K% at 9 while D% at 12, meaning a small drop followed by a rise. The RSI as of writing is at a very oversold state, sitting at 27 as of writing.
If Xrp does rise, I expect it will follow its bearish trend until the top trendline meets the major resistance line. The Bears aren't finished yet, but soon they will be.
This is my opinion. I am not a financial adviser. This is information for analysis and educational purposes only.
Please feel free to add comments, ideas and critics of any areas I could improve my analysis.
The CCI is rising on the 1H chart while the commodity is losing downward momentum. Back this up the stochastic is incredibly low, K% at 9 while D% at 12, meaning a small drop followed by a rise. The RSI as of writing is at a very oversold state, sitting at 27 as of writing.
If Xrp does rise, I expect it will follow its bearish trend until the top trendline meets the major resistance line. The Bears aren't finished yet, but soon they will be.
This is my opinion. I am not a financial adviser. This is information for analysis and educational purposes only.
Please feel free to add comments, ideas and critics of any areas I could improve my analysis.