Hey, I am back with another Technical Analysis, this time looking again at the only cryptocurrency with real usecase, that is being adopted pretty fast.
Ripple, one of the few cryptocurrencies that are acting very stable even in such despair, unforgiving market.
My thoughts.
Ripple is acting very strong and stable, even if it doesnt look like it, because even XRP is making some strong red candles, but the demand seen in this candles is really solid, considering the current state of the market.
Many people are telling that Ripple is falling Value, while its the opposite. Yes technicaly XRP is falling in dollar value and you are losing some many, but still less than if u were in Bitcoin or another cryptocurrency.
Looking at chart.
Simple trend lines and ressistance/support levels, or zones can show you a lot. Current situation, is that Ripple has broken a downtrend and is Ripple price is moving around 8800 - 9200 levels with a low volume, this was seen last time when Ripple was in in range from 6800 to 7400 with also a tiny volume and seen sharp rise, and formed an uptrend.
Its a very good sign that Ripple found what was last time ressistance zone, is currently a support zone, this is how a healthy uptrend chart should look like!
Quickly looking at indicators.
MACD is showing a clear cycle with a long and clear uptrend, likely to cross and give buy signal.
RSI found support after rally highly above 4O, which is a good sign and formed pennant from which can be a sharp move expected, most likely sharp retest of 860O or 9400.
Conclusion.
As I said, Ripple is acting very stable and strong, has a usecase and may reach a really high price in future, I think that Ripple will stay in this range for a while and another unexpected long green candle will occur.
I will try to post some updates as well, considering the support from all of you, I would love to post as many as possible but, I am heavy time limited these days.
Thats all from me, for now.
If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
Ripple, one of the few cryptocurrencies that are acting very stable even in such despair, unforgiving market.
My thoughts.
Ripple is acting very strong and stable, even if it doesnt look like it, because even XRP is making some strong red candles, but the demand seen in this candles is really solid, considering the current state of the market.
Many people are telling that Ripple is falling Value, while its the opposite. Yes technicaly XRP is falling in dollar value and you are losing some many, but still less than if u were in Bitcoin or another cryptocurrency.
Looking at chart.
Simple trend lines and ressistance/support levels, or zones can show you a lot. Current situation, is that Ripple has broken a downtrend and is Ripple price is moving around 8800 - 9200 levels with a low volume, this was seen last time when Ripple was in in range from 6800 to 7400 with also a tiny volume and seen sharp rise, and formed an uptrend.
Its a very good sign that Ripple found what was last time ressistance zone, is currently a support zone, this is how a healthy uptrend chart should look like!
Quickly looking at indicators.
MACD is showing a clear cycle with a long and clear uptrend, likely to cross and give buy signal.
RSI found support after rally highly above 4O, which is a good sign and formed pennant from which can be a sharp move expected, most likely sharp retest of 860O or 9400.
Conclusion.
As I said, Ripple is acting very stable and strong, has a usecase and may reach a really high price in future, I think that Ripple will stay in this range for a while and another unexpected long green candle will occur.
I will try to post some updates as well, considering the support from all of you, I would love to post as many as possible but, I am heavy time limited these days.
Thats all from me, for now.
If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
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