XRP at the Crossroad

XRP at the Crossroad

By EliteElliott | Crypto TA | 20 Oct 2019


XRP was able to maintain upward momentum throughout the last few weeks, but that might change soon.

-On the 4Hour chart, we can see the Uptrend, yellow line

-The price is also Supported by the 50Day EMA as XRP is trading above it

These factors have been Bullish so far, however, now we can see some Bearish signs that are starting to develop:

-A potential Head&Shoulders Pattern has appeared on the 4Hour Chart

-The Price has dipped below the trend line

-There is an RSI Divergence on the Daily Chart(Price has made a Higher High while the RSI made a Lower High)

-The Resistance Zone around 0.28-0.30$ is still holding strong

This does not necessarily mean that XRP is about to drop down, because on the last few occasions when the Price of XRP has touched the Trendline and the 50Day EMA it used it as a launchpad and propelled higher, but we can not ignore the above mentioned Bearish developments either.

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EliteElliott
EliteElliott

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