XRP has completed a 5 wave ascending pattern, and 3 wave correction. It now seems to be consolidating and moving sideways, approaching a squeeze point (green triangle). 2 Hour chart shows RSI turning bullish above 50. MACD is at neutral but looks to be turning upwards as well. Should have confirmation of breakout or breakdown later tonight. Price must exceed $2.10 for real breakout! Price point currently looks to be kept here purposely with bot sell orders.
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for clarification when I said price point currently being kept here by bots, was when the price was between $1.96-$1.99. from experience it appeared that bots were keeping it down so the whales could reload before next boom, if it indeed is confirmed. someone also just posted online, that someone over 100 million xrp at that price point. Price has now moved up to $2.06, but $2.10 still very critical to clear and stay above for confirmation! If trading that would most likely be your confirmation.
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It appears the bot sell wall was too great and not enough volume came through to support the push past $2.10. As of now it appears a consolidation period is happening between the $1.90 and $2.00 range and moving sideways. I will look at the signals and post a new update soon. If you believe in XRP long term this is an excellent price to buy at I personally feel either way. I believe XRP throttles up past $5 this year. Just my opinion. But now back to what the chart says.
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2hr and 4 hr chart shows XRP signals are bearish.
I've updated the drawing to reflect that.
I also gave 3 possible outcomes, 2 Bear paths, and 1 Bull path.
Bear Path 1 ORANGE ARROWS). XRP will fall to the 50% fib retracement and consolidate there which is around the $1.77 area. If it consolidates there we can check the chart for bull signals.
Bear Path 2 RED ARROWS) XRP will fall to the 61.8% fib retracement and consolidate there which is around the $1.40 range. Again we can check the chart there and look for bull signals.
Bull Path GREEN ARROW) XRP will stay consolidating between the $1.90-$2.07 channel and continue the squeeze in the triangle. If this happens we will re analyze the chart for any change in signals.
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2 hr and 4 hr chart show RSI bearish below 50 and MACD shows a bearish crossover.
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AGAIN in the slightest chance a breakout happens IT MUST SURPASS AND MAINTAIN A LEVEL ABOVE $2.10
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If you follow my updates then you see XRP has hit the 50% fib retracement in my 2nd updated drawing! This is rebuy, position increase zone 1. However XRP chart still showing bearish signals. Pay close attention if it drops through the 50% support zone. If so look for buy zone 2 at around $1.40.
@eromyr, Thanks I appreciate that confirmation. Only posted my first chart officially yesterday and this is my 2nd one. I welcome constructive criticism for sure!