This is how I see BITFINEX:XRPUSD breaking down in the next few weeks.
Although we broke out of the downward trend, we are still under the 200 on a 4 hour chart. The overall impact of BITSTAMP:BTCUSD is bringing the overall crypto market down as shown in my previous chart.
The and the also show a downward trend which I believe will provide a buying opportunity in the 60-80 cent range. This is the same issue Litecoin has with a very similar pattern. I do believe that after this point, Litecoin and Ripple can go long for big gains so it's a good time to buy in the 60-80 cent range.
Let me know your thoughts and if I have missed something in my .
I still see downward pressures from the 20 day EMA and the 50 day SMA. We will be forming a "death cross" in 5 days if the trend stays steady.
The death cross being the cross over of the 50 day SMA and the 100 day SMA.