The bullish momentum is still not over yet. The current price movement of XRP is still in consolidation.
This is because the red candles on the daily timeframe are more of indecisive candles (contains lower and upper wicks). There are no obvious initiation and continuation red candles to suggest possible reversal.
Though the price may continue to dip to 0.47-0.45 where the strong support zone stands due to the RSI indicator showing that it just about to go lower than the 50 mark.
From there, we may see some upward trends provided that we can see some higher lows formed in the near future.
On the other hand, if bearish initiation and continuation candles were formed before that, the overall bullish momentum may be disrupted. There might be a reversal where we see the dip to lower 0.45 zone; may even hit 0.35-0.30 zone again.
Disclaimer: This is not financial advice. Please do your own research before making any investment.
This is because the red candles on the daily timeframe are more of indecisive candles (contains lower and upper wicks). There are no obvious initiation and continuation red candles to suggest possible reversal.
Though the price may continue to dip to 0.47-0.45 where the strong support zone stands due to the RSI indicator showing that it just about to go lower than the 50 mark.
From there, we may see some upward trends provided that we can see some higher lows formed in the near future.
On the other hand, if bearish initiation and continuation candles were formed before that, the overall bullish momentum may be disrupted. There might be a reversal where we see the dip to lower 0.45 zone; may even hit 0.35-0.30 zone again.
Disclaimer: This is not financial advice. Please do your own research before making any investment.
