Be ready for the next big move in XRP?

By ModernEuler | Moderncrypto | 1 Sep 2019


Ripple (XRP) is one of the fastest and most scalable digital asset, enabling real-time global payments anywhere in the world.According to coinpaprika.com 24h volume of [XRP] is $2,319,594,638, while the XRP market cap is $4,095,482,627 which ranks it as #3 of all cryptocurrencies. It's circulating supply is 42 984 656 144 (43.00% of maximum supply).

Although Ripple's multiple partnerships with banks, and cross-border pilot programs XRP, as you see the weekly XRP BTC chart below, has been decreasing for eight months now .

351665157-bd8427e5be96dd09a75d44b8d1f37f445f044c0e7d99245f54510d6b4c813cb1.jpeg

As you remember from our previous discussion,XRP has been following a descending triangle chart pattern on a weekly time frame.  (my previous article)

After breaking the major support level of 0.00004000 BTC, It is now trading at 0.00002686 BTC (equivalent to $0,257)

XRP is now consolidating at the new support level of 0.00002490 BTC. 

 

So, is it time to buy now?

Let me look at weekly Moving Average Convergence Divergence(MACD) , Relative Strength Index (RSI) and Stochastics to get some insights about the price of XRP over the coming weeks.

351665157-f47aa48a147a7c41ee74eca91f34b52fbf6c9e7e0904b41434ea5916f8c930b2.jpeg

Analyzing the weekly indicators above, we can see in MACD that the crossover of the trigger and the MACD indicator is about to occur and the histograms' bars stop growing and start to shrink — watch out for a signal change.

RSI is trying to go above declining trend line while the stochastics is trying to go above the critical zone of 20. 

So based on weekly charts, technical indicators tell us that a trend change is possible in the near future. 

 

How about on a daily basis,

351665157-9f4f6e5ae551e9deed28f31f7b9e0682d379ef155cf7c510e1fe780234ba4f73.jpeg

21 Dayly Moving Avearge has been acting a resistance. Moving averages have been declining. 

351665157-0fff5121f9a27f14006de3ebf7a74f310992093edd9b26e6051e26feba42f0b9.jpeg

 

On the daily chart, MACD has been moving upwards but it seems that it is not powerful. the histograms' bars are positve but small.  RSI however is trying to go above declining trend line while the stochastics is above the critical zone of 80. 

 

Let's look at the summary of daily technical indicators (taken from tradingview.com)

351665157-01a5431d767a412a92b0d2940fa36f811744b420afb60b58efdfa6f807d76495.jpeg

While oscillators are producing a buy signal, moving averages are neutral. 

 

To conclude, XRP seems to be bottomed around 0.00002490 BTC recently.  But indicators have not given us a clear buy signal yet. We can still set a trade using stop loss. 

 

Thanks for reading. I hope you’ve found it helpful.

 

 

 

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ModernEuler
ModernEuler

A crypto and blockchain enthusiast and blogger. Writing about Crypto and trading since 2017. I cover the topics including crypto news, trading suggestions, chart analysis, etc. Follow me on Twitter @cryprostream


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