XRP has retested its 78% retracement today and bounced again. It is now in an uptrend going up to the downtrend from that major retracement.
We want a break of that downtrend, around ~1.2 EUR to see further upside to 1.7 EUR.
currently the "stop and reverse" (dots) shows stength, the MACD is showing uptrend and we are at the top of the boilinger band.
Looking good, the next 4-8 hours will tell us way more.
Note that a break of 1.2 and retest of 1.7 should move the MACD on the daily in a uptrend which would mean much more upside.
The graph on the 4hour is even more interesting with MACD just about to cross and the middle of the boilinger band just around the downtrend. 1.2 will be an important test.
1.2 was tested, there was a pull back to 1.05 and then it broke the major downtrend.
The advance from 0.72 to 1.4 looks like a 12345 wave, so I am expect a pull back now to ~1.15 or so with a retest of the downtrend as new resistance.
userbeauty
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Would love to hear an update!
thx!
sebfoobar
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@userbeauty, game is on :) we want to see a clean break to ~1.35 on high volume, which is not happening right now. The graph on the 4hour is a bit more optimistic but there is quite a bit of resistance.
If there is weakness it should bounce on the middle of the boillinger band (to remain in an uptrend) ~1 EUR. (which would be a ~20% drop :) ).
If it breaks below 1 EUR , it will most likely re-test the 0.72.
userbeauty
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@sebfoobar, awesome, I was thinking the same. Gonna sell now, rebuy the dip and HODL.
Samppa290
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@sebfoobar, I think ripple is following bitcoin and almost all other major cryptos. If they continue to surge ripple will surge as well
sebfoobar
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@Samppa290, true, but if you look at XRPBTC it looks like XRP is outperforming a bit right now. There was a 100% jump from the 0.72 low 2 days ago.
The advance from 0.72 to 1.4 looks like a 12345 wave, so I am expect a pull back now to ~1.15 or so with a retest of the downtrend as new resistance.