My friends, my peeps, my family of crypto lovers, welcome to this clean and crystal clear analysis on RIPPLE! Let's get it. Here on the four hour chart, we can see that XRP has been as quiet as a mouse. While everyone is focused on BTC, LTC, and others, XRP has been drifting sideways, like a leaf in the wind. You can see that XRP has found support on the 50 EMA (in orange) twice now (Hold @ 50.) This is a huge development, that XRP has created in it's muted few weeks of trading. Just to put into perspective how significant this is, take a look at all of the failures it had, while trying to rally above it in the past (Fail @ 50.) So, just by looking at the 50 EMA, we can see that a significant turn of events is beginning to take place. Looking at the rising blue trendline, we can see that XRP has been flirting with it through the entire month of February. Now, it's actually pinched between the rising blue trendline, and the 200 EMA (in purple.)
I'd like to draw your attention to the MACD. You can see that we had a big bullish divergence, where the chart was making lower lows, while making higher lows on the MACD (green trendline.) This is an indication of a decline in underlying sell-side momentum. Bullish divergences can occasionally be a precursor to an impending rally. Speaking of the green trendline, you can see that each time it was reached (airplane) a nice rally ensued. We are just about to touch it for the third time. After finding continuous support on the 50 EMA, and grinding higher while holding the blue trendline, it's possible that XRP may see some sudden upside. If we get a bullish surge in momentum, producing a third bounce off of the rising green trendline, that would confirm the newly found support on the 50 EMA, and we could see a more substantial rally in XRP. If a rally does ensue, the 61.8% retrace would act as initial resistance. That level is at about $1.40. If the 50 EMA is lost, and confirmed as resistance, that would be a warning signal of more downside. For now, let's sit back, and see if the MACD produces a bullish momentum bounce off of the rising green trendline. Such a move, would correspond with a breakout above the 200 EMA. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
I'd like to draw your attention to the MACD. You can see that we had a big bullish divergence, where the chart was making lower lows, while making higher lows on the MACD (green trendline.) This is an indication of a decline in underlying sell-side momentum. Bullish divergences can occasionally be a precursor to an impending rally. Speaking of the green trendline, you can see that each time it was reached (airplane) a nice rally ensued. We are just about to touch it for the third time. After finding continuous support on the 50 EMA, and grinding higher while holding the blue trendline, it's possible that XRP may see some sudden upside. If we get a bullish surge in momentum, producing a third bounce off of the rising green trendline, that would confirm the newly found support on the 50 EMA, and we could see a more substantial rally in XRP. If a rally does ensue, the 61.8% retrace would act as initial resistance. That level is at about $1.40. If the 50 EMA is lost, and confirmed as resistance, that would be a warning signal of more downside. For now, let's sit back, and see if the MACD produces a bullish momentum bounce off of the rising green trendline. Such a move, would correspond with a breakout above the 200 EMA. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
-Magic-