XRP analyse 14/10/2020

XRP analyse 14/10/2020

Weekly chart
Last week XRP carefully continued the bear block of the 4h chart. Can we keep the level next week and claim it as support? The ema's 8, 21 and 55 are perfect bees and all three are currently supporting Ripple's price. We also see the volume increasing and the rsi is in a slight upward trend but is currently in battle with the ema. At the moment the rsi is above the ema.


Daily chart
The bulls have been able to set the price nicely to their hands last week and the price has gone slowly but steadily through the trend line of the falling wedge and the red resistance block. If we can test this red zone well so that it becomes clear support then the highway is open to an increase of 10 - 15%. We can see in the volume profile (on the right side of the chart) that there is hardly any resistance in that area.

The ema's are all bullish and also the rsi moves slowly upwards with the ema below it. A retest of the ema and middle line would perfectly match a retest of the red block.

4h chart
The price is in an ascending triangle (red line + yellow block). An ascending triangle breaks statistically 7 times out of 10. For today I am also keeping a close eye on the price between the red and yellow block. We see that the ema 100 crossed the ema 200 bullish yesterday and the other ema's (are not on the chart to keep a clean chart) are also bullish. The rsi however does not look very strong. The ema remains quite resistant and currently pushes the rsi against the middle line. The volume also remains fairly stable and in a scending triangle we prefer to see it decrease as the end of the pattern comes in sight.

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Technical analysis by Mr. Coingrats
Technical analysis by Mr. Coingrats

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