Daily chart
The red resistance block did not flip to a support zone last week. Despite everything, the Ripple is still pretty bullish. During the retst of the trend line of the falling wedge the candle close just fell within the trend line but the bulls pulled it back up nicely the next day and turned it into a higher low. The ema's are in bullish mode, however XRP is currently experiencing resistance from the ema55 the ema100 and 200 offer good support. A candle close above the ema55 today would be ideal for a further rise.
https://www.tradingview.com/x/jOKivsKj/
The rsi has already gone slightly through the ema but has also gone through the midline last week. At the moment the rsi is again above the ema and the middle line. Can we keep this course or are the bears stronger? We are going to see what the lower timeframes tell us.
4h chart
https://www.tradingview.com/x/PtL544Tz/
The first retest after the price went through the red block failed and the price dropped back to the monthly open. At this moment the bulls are busy with the 2nd attack on the red block and seeing how the candle looks at the moment (still needs to be 50m) it seems that the ebulls are doing their best. We see a small bearish body with a huge wick at the bottom. You can read this wick when the bulls are in the majority and are buying up a lot. The buy volume is equal to the previous attempt to break the red block but we see the sell volume decreasing.
The emas are bearishly crossed however the previous 4h candle had a close above the emas. If the current candle also closes in this way, there is a good chance that the emas will cross bullish today. The rsi has already had its bullish crossover and is currently risking the ema on the middle line. This is a kind of do or die point. A bounce on the ema and 50 line would be a big advantage to break the red block. If XRP sinks through, there is a bigger chance that we will go down again and another higer low will have to be printed.
1h chart
https://www.tradingview.com/x/n36vb7Bm/
Here we can observe the first signs of a rise and possible breakthrough of the red zone. The structure is broken with that big bullish candle shooting through the ema200. Then when we measure this move with the fibonacci tool there has been a retest in the golden pocket two hours later. The ema55 crossed the ema100 bullish and also the rsi looks nice.
Conclusion:
On the lower timeframe I might expect an increase direction fibonacci level 0.382 to 0.5 (0.2511 - 0.2530 USD). When this happens the 0.2489 limit should serve as support, only then we can possibly break and flip the red zone. However, if the price on the lower timeframe goes through the 0.2460 then we are most likely to first look up the red trend line on the thunder side.
Longterm (higher timeframes from 8h) I still prefer the bulls. However the red zone has to be flipped to go into full bull mode.
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