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 has broken down from the bear flag
as anticipated. If you recall from my last XRP analysis, I said "If you look closely at the candles inside of the bear flag
, you can see that the past three candles have tall wicks on the top sides. This is an indication of distribution (selling) and, although it is on a small scale, it shows that there is sustained sell-side pressure inside of the bear flag
. That is a nuance that indicates an increase in the breakdown potential of the flag." We also talked about how the 20 EMA
was falling into the flag itself, increasing the likelihood of a breakdown. As you can see, a breakdown has occurred, and now XRP appears to be taking a pause on the current candle. Regardless, I think it is pretty clear that we will test the low of 2/6. Interestingly, ETH, and a few others, have already broken down below their respective 2/6 lows. So, perhaps they are showing us a leadining indication, that things like LTC, BTC
, and XRP here, will eventually break down below their 2/6 lows. I'm not saying that it's a certainty. I'm just sayin that if they are an indication of the coming performance of the other top currencies, a breakdown could be imminent. Good luck trading, comrades!
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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