Also, you can see that XRP has been in a (in purple.) Falling are patterns, but that bullishness depends on a breakout, which doesn't exist yet. As you can see, we've had four clear rejections at the top of that formation, with the most recent rejection happening earlier this month. So, that isn't necessarily a good sign for the short term.
Furthermore, we can see that XRP has printed a death cross on the weekly chart here. I know that a golden cross is happening today on the as well, but I think the weekly is telling a more important story here. Price is currently being rejected by the 50 and 200 week MAs, but XRP could find support on this rising black . Ultimately, I expect that the will continue, until price is able to break out of this formation to the upside or to the downside. Either way, it will be massive.
If you recall, I've shown in the past how XRP's price chart looks very similar to the way it looked in early 2017. However, the price action in 2017 launched off of support that extended from the lows of 2014 (shown with the green box.) If you compare that to today's action, we haven't reeeeeally tested the lows from the summer of 2017 (shown with the blue box.) We did get close, but it didn't really get as deep as I would have expected. With that said, the retracement percentage was nearly identical. So, it's really hard to say how price is going to react here. At the moment, XRP is pinched between rising support and falling resistance.
You can also see that the Gaussian channel is still red and falling. So, until it flips green, and we see XRP get close above some of this resistance, we have to keep in mind that the downtrend is still intact. XRP did not surpass or even meet the previous high of 0.3566 from October. In fact, it only rallied up to 0.3486. So, the downtrend is still intact at the moment. Now, BTC and XRP could definitely rally up and complete the right shoulder of what appears to be a partial inverted forming. However, that's pure speculation, as there is no evidence of that occurring at the moment.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***