XRP Analysis: Downtrend (Sell Off) Not Yet Complete?
Conclusion for today’s XRP technical analysis: Price closing above 0.29237 implies resumption of bullish strength in Ripple (XRP).
XRP chart analysis for today is carried out using a log scale on the 6 hour timeframe. June 22, 2019 price peak of ~0.51 and the downturn in price is highlighted using a bearish trendline. The July 6, 2019 crossover of the 50 moving average (MA) below the 200 moving average (MA) also provided additional bearish bias and sell off.
Formation of a symmetrical triangle between July 16, 2019 and August 6, 2019 was part of the move to the downside with confirmation of the pattern on August 7, 2019.
Another symmetrical triangle that formed between August 14, 2019 and September 6, 2019 was confirmed with an upside breakout on September 7, 2019. However, there has been a lack of follow through in bullish momentum following a breakout from the pattern, suggesting that another leg of bearish action is a possibility in Ripple (XRP).
Current support for XRP lies between 0.23630 and 0.24547. A break below the lower boundary implies lower prices to follow. Current reflex point that is considered to provide a sustainable bullish momentum is when price closes above ~ 0.29237 and above its 200 moving average.
Added confirmation and/or bullish bias also involve a bullish crossover of the 50 moving average above the 200 moving average (MA).
XRP chart analysis for today is carried out using a log scale on the 6 hour timeframe. June 22, 2019 price peak of ~0.51 and the downturn in price is highlighted using a bearish trendline. The July 6, 2019 crossover of the 50 moving average (MA) below the 200 moving average (MA) also provided additional bearish bias and sell off.
Formation of a symmetrical triangle between July 16, 2019 and August 6, 2019 was part of the move to the downside with confirmation of the pattern on August 7, 2019.
Another symmetrical triangle that formed between August 14, 2019 and September 6, 2019 was confirmed with an upside breakout on September 7, 2019. However, there has been a lack of follow through in bullish momentum following a breakout from the pattern, suggesting that another leg of bearish action is a possibility in Ripple (XRP).
Current support for XRP lies between 0.23630 and 0.24547. A break below the lower boundary implies lower prices to follow. Current reflex point that is considered to provide a sustainable bullish momentum is when price closes above ~ 0.29237 and above its 200 moving average.
Added confirmation and/or bullish bias also involve a bullish crossover of the 50 moving average above the 200 moving average (MA).
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