cheynos
Long

Update on Daily and 4hourly chart (XRPUSD,XRPBTC,XRPUSDSHORTS)

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hello everyone
So today an update XRP price-action. We’re going to have a look at the daily and 4HR chart, the XRPBTC chart and finish it off with the XRPUSDSHORTS chart, let’s get straight in to this!

XRPUSD (D)
-So if we have a look at the daily chart we can immediately see that we’re still locked in our downtrend since April. Because of the recent green days for XRP, we almost broke these major resistance-line, that would be a huge deal! (yellow lines)

-I’m still looking at this major support-zone between 0.20-0.24, this is for me the buy-zone right now. I don’t think that XRP is overvalued at this moment, I even think XRP is undervalued but I don’t feel comfortable to create a long position on XRP at these price-ranges at the moment. (BTC-ETF news).

-The main resistance-lines I’m watching are at 0.37, 0.46 and 0.70.
0.70 is a major resistance line if you ask me, the other two I don’t worry about too much.

-Risk/reward: so worst case scenario: we go down to the buy-zone, would be a decrease of 37%. If we go up, the first two resistance lines stand on 14 and 37% up, the biggest one at 113%. Again I’m not trading this. This isn’t an interesting trade if you ask me. Nevertheless I like the XRP tech and I’m bullish on the project, but short term I am not trading this.

-Another interesting indicator I use: Ribbon. (for those who don’t know: this shows us 8 moving averages and are a huge resistance line, if the lines come together, this could indicate a trendreversal). So we can see that in our case the Ribbon has proven its strength, we’ve bounced all the time, if we want to break this ribbon, we’re going to need a big buy candle with very big volume!

XRPUSD (4hr)
-So this pattern could possibly be a cup and handle or a bull flag , either way it’s good news. If it is a bull flag , we can point our target at 0.43 which is perfect on our first resistance line. (for those who don’t know: the target of a bull flag is mostly of the time as big as the handle of the flag.

XRPBTC
-no major news here, we can see that we’ve been rejected at the first Fibonacci level, I think that we will go down to the yellow box. (very strong support)
- I read that a lot of people think that XRPBTC is going back down to 0.00001 (November lows) again I would be really surprised if that’s the case. BTC-dominance is now over 52% and I just don’t see that happening at all.


XRPUSDSHORTS

-This chart is very interesting! We can see that we’ve been up again! I think that we have still a small way to go there. BUT if we hit our new target then we just have so much energy to push the price higher, it would be insane! This shortsqueeze could be huge! ( if you want a long position in XRP, def watching this chart!)

Love to hear your opinion on this!
DM's and comments are always welcome.
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This pattern is valid only if 0.3787 breaks. Otherwise it is still within a 1D Channel Down, limited by this Lower High. We are expecting further downside:

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