Here we are analyzing XRP/USD on the 4H chart.
As you all will know, we keep a very close on Cryptocurrencies, and have been posting many analysis in relation to it. If you review my previous analysis, you'll see we predicted the down move perfectly, and our trading plan on the pairs are going exactly as planned. I congratulate everyone who has been following all my Bitcoin -2.50% trades analysis especially recently. As we have made some serious profits! I'm glad to be your one stop shop for you all!
Ripple is currently trading at 0.6260 after bouncing off the side-wards resistance line at 0.6810 from our analysis which offered the signal that Ripple was going to fall. Price completed the down move, and pulled back to a peak of 0.6520 before falling once again. As it stands, there is now 2 support levels that could become levels. There is a minor horizontal support at 0.5890, and a lower support at 0.5400.
Price is likely to continue the correction to at least the levels mentioned on this chart, and I doubt buying on the swing is an intelligent idea at all as the trend is broken.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a retest is very good for creating a new position and even holding an old position for the long term. And I'll also be an eager buyer when it hits one of these supports and acts in line with my rules for engaging this trade.
I will update this analysis when I receive above 40 likes.
Price is now testing a horizontal support zone. If it breaks below I believe it will be downside for a while. If it bounces and breaks above the side-wards resistance, I'll be watching for a buy opportunity.