XRP at a critical Level: Huge Opportunity or a Disaster? (2)

By ModernEuler | Moderncrypto | 2 weeks ago

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The last time that I posted about XRP was on June 24, 2019

I examined XRP BTC pair. It was forming an upper descending trendline with lower highs. See my previous article on XRP BTC pair here https://www.publish0x.com/moderncrypto/xrp-critical-level-huge-opportunity-or-disaster-xkyzmk

It had bottomed at 0.00004000 sat level. It had been testing to go below this support level.  It is trading today at 2730 sats. 

I broke this support line and it is consoslidating on a descending support line as you see below.

 

But today  I am going to analyze it in XRP USDT pair. Here is the weekly chart.

 

It seems that XRP has bottomed around 29 cents and it has been testing seven times this support since December 2018.

Every time it has somehow succeeded to go above this. So, is it time to buy now?

Let me look at MACD, RSI and Stochastics

 

As you see both MACD and Stochastic produces sell signal while RSI is neutral around 45. How about on a daily basis,

As you can see, RSI is following a declining resistance (red line) and Stochastic produces sell signal while MACD produced buy signal on July 21, 2019.

As as summary,

XRP seems to be bottomed around 29-30 cents But indicators have not given us buy signal yet except daily MACD. 

We need to wait until this consolidation finishes and moving averages and oscillators confirm buy signal.

 

 

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

 

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ModernEuler
ModernEuler

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