Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that XRP is really testing the rising black trendline support at the moment. We pierced it on 3/9, and now we're violating it again. On the MACD, you can see that a bearish crossover is occurring as I write this, so the momentum appears to be resuming it's downside expansion. Right now, the obvious thing we want to watch, is the rising black trendline. If XRP confirms below the back trendline, a test of the 0.67 level should ensue, followed by a potential retest of the 2/6 low, around 0.56.
The 20 EMA (in blue) just acted as resistance, so we can continue to use it to monitor the progression of any rallies. The volume is not terribly high, but it is primarily composed of sell-side activity, as the bears take control of the market. What I find interesting, is how quickly XRP returned to retest the black trendline. We just pierced it yesterday, and now here we are again today, testing it. Typically, when levels are tested repeatedly, under these circumstances, they tend to fall. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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Bitrme
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The few tend to profit on what the majority tend to do.
@jmonterom, 3/9 means " March 9th" (Americans say 3/9 instead of 9th of March) you will see on the chart that a couple of trades dipped just below the black trend line...and Magic is saying that this weakens the amount of support that the black trend line has. So the coin XRP is more likely to fall through than it would have been. good luck
Dear MagicPoopCannon, would also good to take your analyse on DOGE.
Bitrme
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On a brighter note....My research into Fracktals leads me to believe they are in fact dyslexic Fraggels who in their turn are the result of a failed experiment to clone giant doozers. If we take this trading stuff too seriously we´ll go mad.Dam it! too late.
-Keep on truckin Magic!-
Bitrme
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Rising trend line is gone I reckon. Test .76, test .56....Ya ,I see it on the charts.Maybe .56 as a double bottom.Depends alot on the violence of the bitcoin fall.Would have to say that with ripple developments in the business world having no positive imact on it´s token value the price reset is .22 wiping out the rally..though a badly timed flood of XRP into this nervous,small, private speculator market could well send it to zero.Rothchild´s ´blood in the streets scenario´