The Ripplecoin XRP hasn´t left the wedge. It has tested both limits several times, so this wedge can be considered as strong technical pattern.
But playing on time must end and the investors have to take a decision. Whether it´ll be long or short.
Bitcoin and Ethereum are in similar situations. And the correlation between those coins is higher than 50%. Who will make the first move and which direction it´ll have?
Actually the indicators RSI and MACD are giving more or less negative signs. RSI is losing, MACD neutral but triggered to low. The volume is low too, quite anaemic.
In the bigger picture XRP moves within a negative trend channel, near to the upper limit of it.
If XRP rebounds at the upper limit of the wedge / trend channel, then it is to be expected that a big loss follows next. About -8% to the first support, followed by -15% to the second support.
If XRP breaks the resistance of the upper limits! - then a long negative trend has ended and Ripplecoin could beginn a new rally.
As I mentioned, this depends on the sentiment of the market. And the sentiment depends amongst others on the sentiment in the equity markets and the fiat money markets.
But playing on time must end and the investors have to take a decision. Whether it´ll be long or short.
Bitcoin and Ethereum are in similar situations. And the correlation between those coins is higher than 50%. Who will make the first move and which direction it´ll have?
Actually the indicators RSI and MACD are giving more or less negative signs. RSI is losing, MACD neutral but triggered to low. The volume is low too, quite anaemic.
In the bigger picture XRP moves within a negative trend channel, near to the upper limit of it.
If XRP rebounds at the upper limit of the wedge / trend channel, then it is to be expected that a big loss follows next. About -8% to the first support, followed by -15% to the second support.
If XRP breaks the resistance of the upper limits! - then a long negative trend has ended and Ripplecoin could beginn a new rally.
As I mentioned, this depends on the sentiment of the market. And the sentiment depends amongst others on the sentiment in the equity markets and the fiat money markets.
Trade active:
Trade active:
RSI and MACD are confirming the negative trend!
Support is to be expected at 0.27$. But taking the alpha between upper and lower limit of the wedge (at the beginning of the wedge) the correction could go further.