While some Crypto (principally BTC and LTC) are making it huge on its rally, XRP has standed up as the special cousin that don´t know what to do. It has been trapped for the last days without taking decision on where to go.
Lets analyze XRP moment.
- As you can see, and the chart speaks by itself, XRP formed what seems to be a pattern on the . This is important as usually, formations are typical trend reversal patterns, considering that it formed on the , it should be a very nice confirmation that bears are out, once it breakup the handle. This may take us to the $1.8 area quickly.
- On the 4 hrs chart, XRP is struggling between some important and strong levels. $1.07 is acting as a support, and $1.13 (which has been a very strong resistance/support price in the past) is acting as a resistance. Besides this, it is in a very small channel between the 50 and the 200 , that are acting as as well.
- XRP is also trading in a very strong consolidation zone of the rally of Dec 2017, so it has to climb above the $1.22 - $1.25 level to start having some dynamism in the .
- In the downside view, we have to watch closely next hours as XRP also formed a pattern and now is testing the neckline trying to breakdown it. $1.07 - $1.05 area should hold well as support and XRP should has to bounce from here to the upside. If the price breaks below the neckline successfully, it will be a clear signal of a BEAR movement and we will have to wait for price action near the $1.0 level
As you can see, current price havn´t dropped below the 50% retracement of the cup pattern. Anyway, price is moving has been moving sideways longer than expected, if it continues like that over the next days, the cup and handle formation will be invalidated.