Late last year, we posted a Ripple analysis with the view that we will be reaching the 0.55 level. We have finally reached that level after a drop of almost 40% from our last analysis!
Now that we're at the bottom, what next?
We need to see if this level holds. As Ethereum and Bitcoin have not quite bottomed out, XRP can still sit at this level until the others join or we can move a little lower.
For higher timeframe confirmation of reversal, we can wait for the descending red trendline to break. On lower timeframe, we can look for reversal patterns such as double bottom or descending wedges - which will tell us that there's a reversal coming.
See below for our educational post on reversal patterns:
Let us know what you think.
Goodluck!
Now that we're at the bottom, what next?
We need to see if this level holds. As Ethereum and Bitcoin have not quite bottomed out, XRP can still sit at this level until the others join or we can move a little lower.
For higher timeframe confirmation of reversal, we can wait for the descending red trendline to break. On lower timeframe, we can look for reversal patterns such as double bottom or descending wedges - which will tell us that there's a reversal coming.
See below for our educational post on reversal patterns:
Let us know what you think.
Goodluck!
