Ripple (XRP) Finally After 2 Years On Weekly Chart RSI Entered In Oversold | XRP Turning Bullish And Ready To Hit The Key Level Resistance At $0.31
Ripple (XRP) Finally After 2 Years On Weekly Chart RSI Entered In Oversold | XRP Turning Bullish And Ready To Hit The Key Level Resistance At $0.31

By moon333 | moon333 | 12 Jan 2020


On week chart the Ripple is moving in a falling wedge. The formation of this chart pattern was started in Aug 2018 and now after Aug 2018 this is the price action has hit the support of this wedge in Dec 2019 and with hitting at support of wedge the priceline is also hitting the lower band of Bollinger bands.4L2xL5qf

 

 

 

Now we have some more positive developments in favor of bullish move after hitting the support.

 

As per bitfinex exchange data on week chart the relative strength index (RSI) is entered in oversold zone 1st time since after Sep 2017 and it has just tipped in oversold and indicators and oscillators are turning bullish. For example the Stochastic has given bull cross from oversold and moving average convergence divergence

Stochastic has given bull cross from oversold zone and moving average convergence divergence (MACD) has turned weak bearish from strong bearish and also likely to give bull cross very soon.

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Since Aug 2019 the price action has broken down the $0.31 support now this support is become a key level resistance for the price action of XRP and sofar the priceline is not able to breakout this resistance even after several attempts.

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Now we have an optimistic situation coz after more than 2 years the RSI on week chart has visited the oversold zone and sudden after this happened all indicators are turning bullish as we have seen earlier if this time the price action will be able to breakout this resistance level then we witness a real powerful bull rally which can lead 1st the price action to hit the previous high and if the previous high level will be broken out then a new highest price level can be achieved.

 

Soon I will post more updates with the further developments in the price action of Ripple.
Moreover I have shared tradingview link below where you can find my all trading ideas on different assets and I have also shared Binance exchange's link with some other useful links coz Binance has largest volume of every cryptocurrency with minimum trading constraints.

 

Regards,

Atif Akbar (moon333)

 

 


moon333
moon333

Hi, My name is Atif Akbar and I share my charts about different assets as username moon333, you can find me most of the times among top authors on tradingview


moon333
moon333

Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: https://www.tradingview.com/markets/cryptocurrencies/ideas/ I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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