XRP has been correcting for the past two weeks as the major breakout from $0.22 to $0.79 has to cool off before any more upside can be seen.
This correction has led XRP to form a symmetrical triangle pattern which has bias to break to both sides, but usually break to the upside in uptrend. The support trend line of this triangle will very likely correlate with daily 20 EMA, which break of will bring bearish momentum, or a dip if you will.
Trend line resistance of this triangle is located at $0.615 per XRP.
Same as Bitcoin, a hidden bullish divergence is present, but a weaker one. Even though the price performed a lower low dip, the RSI is being calculated from close price, instead of the high and low.
As XRP has currently retested the 20 daily EMA, which is the usual level where breakouts are finding support and are able to start another buying wave.
MACD is on a strong selling wave, but when we look at the actual price action it is very mixed. Ideally for bulls, we want this selling volume to decrease as soon as possible, as in order to see another breakout to the upside, the MACD has to give a buy signal shortly.
As dips still continue to attract buyers, there is no real bear sign yet and based on technical analysis on daily time frame we may say that the overall outlook for XRP is bullish.
Key resistance $0.70
Key support $0.50
This correction has led XRP to form a symmetrical triangle pattern which has bias to break to both sides, but usually break to the upside in uptrend. The support trend line of this triangle will very likely correlate with daily 20 EMA, which break of will bring bearish momentum, or a dip if you will.
Trend line resistance of this triangle is located at $0.615 per XRP.
Same as Bitcoin, a hidden bullish divergence is present, but a weaker one. Even though the price performed a lower low dip, the RSI is being calculated from close price, instead of the high and low.
As XRP has currently retested the 20 daily EMA, which is the usual level where breakouts are finding support and are able to start another buying wave.
MACD is on a strong selling wave, but when we look at the actual price action it is very mixed. Ideally for bulls, we want this selling volume to decrease as soon as possible, as in order to see another breakout to the upside, the MACD has to give a buy signal shortly.
As dips still continue to attract buyers, there is no real bear sign yet and based on technical analysis on daily time frame we may say that the overall outlook for XRP is bullish.
Key resistance $0.70
Key support $0.50
