Ripple, Printing Massive Formation Which Will Show The Outcome!

Hello Traders Investors And Community, welcome to this update-anaylsis about RIPPLES current situation and what we can expect the next time. As already mentioned in past analysis ripple is trading in a critical zone where it has to establish further support to even get closer to increase on a likelihood scale for a bullish continuation. At the moment there are still several levels of resistance which can indicate more bearish pressure to the downside as RIPPLE already tested the remaining weak support levels in the structure. In my observation I found a massive formation forming in RIPPLE which will decide the breakout either to the upside or downside because it is a formation which at the moment can confirm in each direction, therefore we are looking at the locally 4-hour timeframe.

As you can see in my chart the last time RIPPLE made an important breakdown and fast recovery into the channel after testing the highly important support to hold between the 0.174 and 0.176 range which is marked with the light blue box in my chart, it is a good sign that the support hold and confirmed similar as we have seen it in the past with RIPPLE in this level but this current lower support level can also mark the highly important neckline of the overall huge head and shoulder formation we currently see forming in RIPPLE, therefore when RIPPLE tests this level again with high volatility and do not manages to hold it and even fall below it there is a high possibility that the head and shoulders formation confirmed bearish, to avoid that we need to stabilize in the current range.

Levels Appropriate For Proper Confirmation:


Bigger Timeframe Perspective:


The next time we can anticipate that RIPPLE will test its remaining resistance levels in the range, this is the falling blue trendline, the middle line of the rising channel and the important 600-EMA which is marked in blue, these levels are the current resistance levels in the structure and RIPPLE will have a hard time going above these levels, therefore, we can expect a fall back after RIPPLE touched these levels. On the bullish side of things, we definitely need to establish the orange support level which you see in my chart in orange to hold it for the head and shoulder formation to confirm otherwise when this does not happens and the price falls below the support the bearish head and shoulder scenario will be in play as already mentioned.

At the moment there is a higher probability given in the schedule that RIPPLE continues to the downside as this is an overall bearish environment with huge resistance levels in the structure, therefore RIPPLE can be traded on the short-side with a definite break of the neckline and confirmation to the downside it will be an optimal entry point, otherwise, when this level can behold and we confirm above the falling blue trendline there can be a trade on the long-side considered. Either cases have to be confirmed and what is fact is that the breakout will be massive due to this huge and meaningful head and shoulders formation therefore it will be interesting to see how it plays out under the given circumstances to profit from the upcoming volatility.

Thanks for watching everybody, support for more market insight and all the best!

Information provided is only educational and should not be used to take action in the markets.