Currently XRP sits in a downtrend channel and for the time being there are different scenarios possible to unfold.
My advise is, just sit back and look at the price action OR buy some XRP more, lower your cost average and HODL them. :)
Gold just got rejected the second time at the 0.5 monthly Fib level, which created a double top.
I think that we can now prepare for a retest of the 0.23 weekly Fib level at $1356 at least, even to 0.38 monthly Fib level at $1346, which both aligning perfectly with the new formed support zone.
From there we can expect further up moves to $1500 and beyond.
I think that we could see until next week a further retest of the upper trendline at around 0,47-0,48$.
If we pullback from there I expect another Sell-Off, followed by a further consolidation in the current Multi-Year Triangle with a short lived and sharp down spike to fullfill a retest of the 0,19-0,20$ area.
So we could expect a new Bullrun at the beginning...
Until now it looks like that US30 wants to retest the daily trendline and resistance zone, which aligns perfectly with the 0.236 Fib level.
So, just wait a bit and you have a great short opportunity on your hand. :)
So, lets have a look at our baby XRP again.
We have managed to stay at the upper trendline with the Daily candle - check!
RSI is oversold, especially on UNDER the Daily timeframe. On the Daily RSI is on a neutral level (slightly oversold).
On the 4h 21EMA is crossing 50EMA to the downside, what means, that we could still try to test the trendline at araound...
To be honest, I didn't saw such a huge drop coming, but now our vision is now a bit clearer.
Currently we have 2 trendlines running and we should be cautios of the zone 0.36$ to 0.40$!
Maybe the upper trendline now is holding and we are about to fly, but for now I think, there is also the possibility that we retest a lower fib level and the trendline under...
XRP is holding up quite nicely in the moment.
We just retested a Fib Lvl on the daily and closed above.
Furthermore we retested a trendline and are about to build a cup & handle pattern, which all is bullsih.
I believe that XRP will now rocketing higher.
If we look at the bigger picture, we just tested the upper trendline, which was formed until 2017 at 0,47$ now.
The bottom trendline is a very strong support, which aligns now at about 0,31$.
For a bull market we HAVE TO close above of 0,47$. The best scenario would be a closure of a weekly candle to confirm the bull market of XRP.
And we should also consider...
I think that we have here a great chance for a litte shorting opportunity.
At the top we have the orange Weekly trendline, which represents a strong resistance.
Furthermore we have an ascending wedge on the 4H timeframe, and an overbought RSI - STOCH indicator, which are all confirming an upcoming short.
So, go for it and take some serious profits.
Within the current big triangle since the beginning of 2018 and the current price action, I think that we can take profits at 0.40$.
After that I expect another dip in correlation with BTC from around 6k.
So have a close look at BTC and XRP now. I suggest to place buy orders in the area of 0.25$, because the current price movement upwards could end in a short...