6Shooter

Ripple XRP No Joy For Now

BITTREX:XRPUSD   XRP / U.S. Dollar
Summary:
It appears that there is no good news for Ripple at the moment. I'm staying pat on this one for now. If I were to do anything, it would be a spread of orders between the two trend lines centered on the current price. This would require close monitoring and constant updating. Too intensive I think for 99.9% of traders.

The Chart:
With BTC turning south again as can been seen on the chart in a light blue line, the pressure is downward for Ripple. There is some technical reason to hope for a bounce from the lower yellow trend line of the descending wedge . If we get some news or BTC turns up, look for resistance to the price at the upper yellow line of the wedge .

Falling trade volume is no help either. See the yellow trend line on the volume chart.

The RSI and the MACD are pointing down, with the RSI about to re-enter the oversold zone.


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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.

Wishing you success,
Isaac
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