XRP Technical Analysis: Short Term Update and Bullish Opportunity
A 1 hour time frame candlestick chart is used in today’s XRP analysis covering December 15, 2018 price action to date. Price swing upward from $0.28 on December 15, 2018 terminated at ~$0.46, followed by a retracement and consolidation in the price of Ripple.
Current focus is placed on the region between ~$0.36 and $0.33 which provides support for the uptrend from $0.28. Also noticeable is the formation of a pennant chart pattern (i.e. downward slanting blue line with the top of support at $0.36), which ideally implies a continuation of bullish price movement upon price exiting the pattern.
Price closing below $0.33 reduces the chance for a continuation of the bullish swing in the price of Ripple and therefore triggering lower prices.
A 1 hour time frame candlestick chart is used in today’s XRP analysis covering December 15, 2018 price action to date. Price swing upward from $0.28 on December 15, 2018 terminated at ~$0.46, followed by a retracement and consolidation in the price of Ripple.
Current focus is placed on the region between ~$0.36 and $0.33 which provides support for the uptrend from $0.28. Also noticeable is the formation of a pennant chart pattern (i.e. downward slanting blue line with the top of support at $0.36), which ideally implies a continuation of bullish price movement upon price exiting the pattern.
Price closing below $0.33 reduces the chance for a continuation of the bullish swing in the price of Ripple and therefore triggering lower prices.
