MagicPoopCannon

Why Ripple Could Defy Bearish Formations! (XRP)

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hi friends! Welcome to this update analysis on Ripple! Looking at the daily XRP chart, you can see that Ripple has been forming an enormous triangle (in blue) for the past six months. Inside of the triangle, we can see that the price action is in the form of a head and shoulders .

So, a head and shoulders pattern should produce a breakdown, but so should the triangle, since triangles are continuation patterns and this is a downtrend. Despite all of that, I personally think that we are more likely to see a breakout to the upside. I think there is a high probability that Bitcoin has bottomed, and because of that, I think there is a low probability that XRP will continue to fall. An upside breakout is also likely because of a significant reduction in sell-side momentum. We can see that on the MACD , which has printed a bullish divergence (in green.) So, I expect to see a breakout to the upside, but I won't trade that setup until it actually materializes. With that said, a breakout above the blue triangle would cause XRP to rally into the 200 EMA (in purple,) which is about 25% higher.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic!  Au  revoir. 

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** 

-JD- 
These are the days to test this. I think we are going to see small pump for XRP till $0.4
Reply
THANKS MAGIC! I wish you would do XRP more often!
+19 Reply
Seems expensive priced in BTC.
+3 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out