Hello Traders,
I have been looking at XRP for a while now. There was a hint of optimism mid June that XRP was finally having some kind of bull run. It was printing bullish impulse waves, everything was looking OK but unfortunately, as with all bullish runs with XRP it ends up retracing right back to its main support level, again, and again, and again.
This shows weakness to me and makes me think XRP might break through its support.
I know the Weekly 200 MA in Red has just started to be drawn on the chart and is usually considered a strong support area for price. Price is currently 12% from that support.
There has also been Weekly hidden bearish divergence on the RSI. That is a sign of bearishness. Make of it what you will.
I have also drawn a H+S on the chart because, well, it looks like a massive H+S. The price is very close to that neckline.
A H+S chart pattern only becomes valid on break of the neckline with high sell volume.
Until then XRP could just be bouncing along on its support level like a lost soul.
I have been looking at XRP for a while now. There was a hint of optimism mid June that XRP was finally having some kind of bull run. It was printing bullish impulse waves, everything was looking OK but unfortunately, as with all bullish runs with XRP it ends up retracing right back to its main support level, again, and again, and again.
This shows weakness to me and makes me think XRP might break through its support.
I know the Weekly 200 MA in Red has just started to be drawn on the chart and is usually considered a strong support area for price. Price is currently 12% from that support.
There has also been Weekly hidden bearish divergence on the RSI. That is a sign of bearishness. Make of it what you will.
I have also drawn a H+S on the chart because, well, it looks like a massive H+S. The price is very close to that neckline.
A H+S chart pattern only becomes valid on break of the neckline with high sell volume.
Until then XRP could just be bouncing along on its support level like a lost soul.
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Weekly MACD bearish cross.
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This is how close the price is to that neckline on the daily. There is a tiny amount of hidden bull div on the RSI.
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Price is about 4.5% away from the weekly 200 MA. Will it hold?
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Here is a look at the daily chart. RSI printed hidden bearish divergence which resulted in a drop in price beneath the neckline. The 200 MA is so close but I just don't see any bullish momentum right now. If the price drops from here to make a lower low, touching the 200 MA in the process with a wick, that might print some bullish divergence on the daily RSI and could be a signal of a possible bounce. However price could make a lower low and also print a lower low on the RSI which would be bearish.
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Bitcoin performance VS XRP performance.
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Price is around 6% from the weekly 200 MA in red. That is important support. Breaking that level dumps price into "The Abyss". Weekly RSI is making a H+S and weekly MACD has turned down and could see more downside.
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XRP falls into The Abyss.
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Price is currently under the weekly 200MA which looks like it could be acting as resistance. There is no bullish divergence on the RSI, on any time frame.
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Its falling further into The Abyss
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Hello Traders, Lets take another look at XRP.
Since I posted this chart 3 months ago asking the question "Does XRP Want to Break Support?" the answer was yes and price dropped through the trend line AND has fallen below the weekly 200 MA. Since the support broke price does look to have formed a diamond "shape". I am not saying a diamond "bottom" because diamonds can break up or down and this could be a continuation pattern. Price looks quite bearish and has been rejected several times by that trend line and from the daily 100 MA. The daily 200 MA is overhead and I have circled the past times price has been rejected at this level.
As I have already said, diamonds can break up or down so expect either scenario however in this example I have tried to follow the Bulkowski Diamond Half Staff Continuation Pattern with a target of $0.18 should the diamond break to the downside.
Since I posted this chart 3 months ago asking the question "Does XRP Want to Break Support?" the answer was yes and price dropped through the trend line AND has fallen below the weekly 200 MA. Since the support broke price does look to have formed a diamond "shape". I am not saying a diamond "bottom" because diamonds can break up or down and this could be a continuation pattern. Price looks quite bearish and has been rejected several times by that trend line and from the daily 100 MA. The daily 200 MA is overhead and I have circled the past times price has been rejected at this level.
As I have already said, diamonds can break up or down so expect either scenario however in this example I have tried to follow the Bulkowski Diamond Half Staff Continuation Pattern with a target of $0.18 should the diamond break to the downside.
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And here is the weekly view. The last 4 weeks has seen bearish rejection wicks on that major support/resistance trend line which looks bearish to me.
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Price dropped out the diamond and is following the fractal.
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Target Hit.
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XRP looks lost here...
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Looking at the chart again XRP is clearly in a down trend.
