This analysis is zoomed in on my multi-year chart, focusing on the recent daily action around the bottom of the large uptrend channel (in blue) that I have been covering. Please keep in mind that the green area of support and resistance extends much further to the left, and we are only looking at a very small segment on the bottom of an enormous uptrend channel.
After printing a death cross in mid August, XRP has experienced some significant volatility. Since then, XRP has fallen below its lifelong uptrend channel, and has failed to rally back into it on multiple occasions. For the long-term multi-year view, this means that the channel trajectory has been abandoned, assuming that XRP fails to get back inside of it. With that said, the channel is/was somewhat of an obscurity. Meaning, it is extraordinarily large, and has few reactions on the upper and lower trendlines. So, it may not be as important as something like the lateral green resistance/support zone — which we are currently trading in.
Also, the technical picture isn't all bad. After falling below the uptrend channel, XRP was able to hold support on the 50 MA (in orange) on several occasions. So, for the short term, that is a good sign. For the longer-term picture, it would be much better to see XRP regain this massive uptrend channel, and start to trade higher inside of it.
For now, the main things we should be focused on, are the 50 MA and the 200 MA. Since XRP is trading between them, we need to see if it breaks out above te 200, or down below the 50. That will provide more technical clarification on the most likely direction for the near term.
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-
After printing a death cross in mid August, XRP has experienced some significant volatility. Since then, XRP has fallen below its lifelong uptrend channel, and has failed to rally back into it on multiple occasions. For the long-term multi-year view, this means that the channel trajectory has been abandoned, assuming that XRP fails to get back inside of it. With that said, the channel is/was somewhat of an obscurity. Meaning, it is extraordinarily large, and has few reactions on the upper and lower trendlines. So, it may not be as important as something like the lateral green resistance/support zone — which we are currently trading in.
Also, the technical picture isn't all bad. After falling below the uptrend channel, XRP was able to hold support on the 50 MA (in orange) on several occasions. So, for the short term, that is a good sign. For the longer-term picture, it would be much better to see XRP regain this massive uptrend channel, and start to trade higher inside of it.
For now, the main things we should be focused on, are the 50 MA and the 200 MA. Since XRP is trading between them, we need to see if it breaks out above te 200, or down below the 50. That will provide more technical clarification on the most likely direction for the near term.
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-