Hi friends! Congratulations, to my Twitter followers who voted Ripple! Let's jump right in. Looking at the four hour chart, we can see that XRP is trapped between the rising blue trendline, and the 50 EMA (in orange.) If you look closely at the 50 EMA, you can see that support was found on it, near the beginning of the right shoulder. This is an important thing to note, because the 50 EMA hasn't been supportive since we were near the all-time high. Also, we haven't broken above it since then either. So, based on the performance around the 50 EMA alone, we can see that the market is behaving differently. We have a very large bullish divergence on the MACD, that has been developing since mid January. We have a sloppy, but possible, inverse head and shoulders pattern developing, like several other assets in the space. We've had a break above the 50 EMA, and it has proven to be supportive, which hasn't happened during this entire bear market downturn. Also, if you look at the highs made on the neckline of the inverse head and shoulders pattern, you can see that we've made a higher high, for the first time since the all-time high. Clearly, the tides are turning from completely bearish to more neutral, as the bulls strive to put a bottom in this market. Ultimately, we need to watch what happens now, as price continues to drift between the 50 EMA and the rising blue trendline. If you look at the MACD, you can see that it has printed a weak bearish crossover, as it begins to curve slightly to the downside. A break below the 50 EMA could send prices tumbling to the 78.6& retrace. A break above the blue trendline, is likely to send prices up to the 200 EMA (in purple.) If the 50 EMA continues to be supportive, traders are going to notice. Either way, there is an apparent shift taking place, that feels like bottoming action. We may head lower, but the technicals imply that it won't be for long.
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.***
So many announcements by Ripple labs, no volume...nothing happens, investors got burned and went away... Apparently the tokens are not needed for anything, their success is related to the network . I'm afraid this coin will slowly be kicked out of the top5, when this bull run finishes ripple token will go down to the deep.
NeroNovaBam96
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@DanielLt, Tokens are like shares in company and Ripple would never let them fall hard cuz the CEO has a HUGE amount of them.. THINK! Today we saw Litecoin jumping, BTC going mad, Zclassic these days, ETC, LISK, NEO, Monero, Vechain and so on.. Alot of superb news this month from alot of coins, wait for them get into Ripple. Today on Bittrex was a 100 BTC sell wall on Ripple, I knew that something is going on and then i found the news alot that saudi bank. 10 min after that sell wall got droped of eaten, idk.. But wait a bit, Ripple is going huge after this news.
tartankiwi
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@NeroNovaBam96, Ripple is going to explode this year. Like seriously go ballistic. But people are to much concerned with instant gratification and reward.
DanielLt
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@tartankiwi, I wish you're right... but what we're seeying right now is Ripple following the general mood (and slightly underperfoming)... Don't get me wrong, I have a lot of ripples, but believing that it will fly to the 3/4usd values just because it was there before is not rational, it's emotional.... due to its "dark sheep" centralized nature.
After the epic fall a lot has changed, you can't deny it, you can feel that something is very shady about this coin...the massive dumps while the market sentiment is so positive raises a lot of questions.
Let's wait and see, my rational tells me to get the fuc* out but my emotional side also believes that this is one of the best coins in terms of potential.
One thing I can tell you... if btc falls 10% now... ripple will fall 30/40%, you don't need a TA for that.
So far holding ripple was a really bad choice, on the mid term time will tell. Good luck.
UnknownUnicorn1256782
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@DanielLt, this guys has no idea what hes talking about. An amateur trader. Patience my friend, XRP at its creation is a universal coin, everybody can use it, it is not specifically designed for banks, consumer can use it. But its features are well suited for settling payment within financial institution, so their strategy is marketing it for banks, which is the best use case because of banks are also inefficient. Ripple and XRP will be successful because they are so focus solving one vertical, when they are good at that they will move to another vertical, maybe optimizing P2P use cases. People call it a bank coin, but its not necessarily is. I don't mind it, because it is marketed for banks, but fundamentally XRP is an open source digital asset, everyone can build around it and use it. It's fast, scalable, and cheap. Trully the best digital asset for solving payment problem. I will buy a coffee with XRP, not BTC or LTC, I don't have time to wait 1 hour or 10 minutes, with XRP I can just wait 3 seconds. Call the coin what you want, but it will never go away, just like banks will never go away.
gusccbb
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MPC, Thanks for sharing. I ask, does the inverse head and shoulders pattern that shows in coincidence XRP and other altcoin are due to the correlation that they have today with BTC until a change of tendency is defined and then each altcoin will lead an independent behavior?
David_Aus
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@gusccbb, there has been such strong & immediate correlation between local BTC peaks & dips since the all-time high. Before the big correction alts were trading confidently on their own, however the correction gave the market a scare and investors appear to be using BTC as their barometer to gauge the level of confidence/nervousness across the entire crypto market atm. Popular alts may swing higher than BTC but I would expect them to remain coupled until the market has more water under the bridge from the correction.
Hello, yesterday it bounced for the second time at 1.16 and for now it can not break 1.13. Is this a sign of weakness that can lead to testing lower supports again? Tks for sharing.
abelgalaz
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@gusccbb, we cant break the 200ema line now we bouncing between that and his support