Hello, good morning to everyone!
Bitcoin is performing really well and most of altcoins are still sleeping, waiting for Bitcoin to end his rally, the question for Bitcoin is where will it find ressitance and give a time for alts to rise after Bitcoin cools down.
So I have deciced to take a look at few altcoins and by looking at XRPUSD chart, I saw something that has striken into my eyes!
A beatiful change of ressitance area to support area can be seen on the chart.
This is a good sign of an asset as almost two years back, people were satisfied with their XRP profits and sell at 25 cents to roughly 30 cents.
But today the demand has changed and people are wiling to buy at this level even higher than the sells were.
Many people are saying XRP is dead, not moving, why so good fundamentals no moves?
And so on, but the truth is, XRP is performing really well,
this is only a state of mind of people who dont know to buy low and sell high,
they just want to buy high and sell higher..
Believe it or not, but based on a chart, fundamentals, increased familiarity with XRP and cryptocurrenis and increasing demand, XRP is looking good!
Lets talk about trendlines, one of my favorite indicators.
There is a clear key downtrend which is 460 days long so far, and XRP is testing this downtrend quite frequently.
Currently the demand zone or support area if you will, have met and this is a very tight battle for the trend.
The downtrend is likely to get broken, but the question is what will happen after.
If XRP manages to break this overall key downtrend, XRP may begin to uptrend or even breakout.
But still, it may just be stuck in demand area for another while and then suddenly explode.
Key Uptrend has failed to hold, and currently this key uptrend has changed into ressistance uptrend.
There are many trend lines on this chart, but I dont think its necessary to draw them all, the key ones will do just fine!
Demand shown on RSI is showing good looking uptrend, finding support at 40 is a very good sign.
Volume is really tiny compared to what happen during the april breakout from 0,006$ to 0,45$.
Same thing can happen as this huge volume may come.
I am not saying tommorow, or in a week, but in a year or so, similiar moves can be seen.
Low volume compared to breakout isnt a bad sign.
My opinion on XRP chart and next moves.
Healthy chart, sitting in demand zone, I will be definitively buying some more XRP in this area as I dont expect XRP to fall below this level.
That would be all from me.
If this Technical analysis has helped you in any possible way, let me know by hitting that "Agree Button" or leave a comment with your opinion, I will try to answer all of them!
Thanks and good luck trading!
Bitcoin is performing really well and most of altcoins are still sleeping, waiting for Bitcoin to end his rally, the question for Bitcoin is where will it find ressitance and give a time for alts to rise after Bitcoin cools down.
So I have deciced to take a look at few altcoins and by looking at XRPUSD chart, I saw something that has striken into my eyes!
A beatiful change of ressitance area to support area can be seen on the chart.
This is a good sign of an asset as almost two years back, people were satisfied with their XRP profits and sell at 25 cents to roughly 30 cents.
But today the demand has changed and people are wiling to buy at this level even higher than the sells were.
Many people are saying XRP is dead, not moving, why so good fundamentals no moves?
And so on, but the truth is, XRP is performing really well,
this is only a state of mind of people who dont know to buy low and sell high,
they just want to buy high and sell higher..
Believe it or not, but based on a chart, fundamentals, increased familiarity with XRP and cryptocurrenis and increasing demand, XRP is looking good!
Lets talk about trendlines, one of my favorite indicators.
There is a clear key downtrend which is 460 days long so far, and XRP is testing this downtrend quite frequently.
Currently the demand zone or support area if you will, have met and this is a very tight battle for the trend.
The downtrend is likely to get broken, but the question is what will happen after.
If XRP manages to break this overall key downtrend, XRP may begin to uptrend or even breakout.
But still, it may just be stuck in demand area for another while and then suddenly explode.
Key Uptrend has failed to hold, and currently this key uptrend has changed into ressistance uptrend.
There are many trend lines on this chart, but I dont think its necessary to draw them all, the key ones will do just fine!
Demand shown on RSI is showing good looking uptrend, finding support at 40 is a very good sign.
Volume is really tiny compared to what happen during the april breakout from 0,006$ to 0,45$.
Same thing can happen as this huge volume may come.
I am not saying tommorow, or in a week, but in a year or so, similiar moves can be seen.
Low volume compared to breakout isnt a bad sign.
My opinion on XRP chart and next moves.
Healthy chart, sitting in demand zone, I will be definitively buying some more XRP in this area as I dont expect XRP to fall below this level.
That would be all from me.
If this Technical analysis has helped you in any possible way, let me know by hitting that "Agree Button" or leave a comment with your opinion, I will try to answer all of them!
Thanks and good luck trading!
Comment:
Very nice composition from XRP
