Hi friends! Let's take a look at Ripple! Here on the four hour chart, we can see that it did breakout of the top of the falling parallel channel. However, the breakout has not been confirmed by a move higher. In fact, XRP has just rolled over, and is currently riding the top of the channel lower, as buyers show no interest in this action. Interestingly, we can see that Ripple is still filling in the right shoulder, of the head and shoulders pattern that I proposed several days ago. Additionally, volume has fallen off of a cliff, and the MACD is trying to roll back over to the downside. Situations like this, require quick action from the bulls, or else the bears will step in and hammer this thing. For the bulls to gain some traction, they need to get XRP back above the 50 EMA (in orange.) Otherwise, the bears will be quick to step in, and send XRP back down to test the 200 EMA (in purple.) Should the ladder occur, further downside would be increasingly likely. Stick with me people! I will guide you, through these volatile and treacherous markets. Please follow, comment, like, and share on social media.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-