XRPUSD
Bulls need to wait for confirmation. It would be a bit of a gamble to buy now. Buy/Sell-Signal:
XRP established one green SupertrenD support channel in 2016 which it is still holding and was the best guess for the current bottom (like
BTCUSD
, please watch my other analysis). XRP is still on the bottom of the support channel while it is already moving inside the Smoothed Swirl Indicator. As long as XRP is staying inside, it can even drop underneath the support channel, without indicating a bearish turn over. It is just crucial, that no prices closes outside of the Smoothed Swirl and underneath the green support szone at the same time. If price stays inside the Smoothed Swirl, positions should be protected around 0.24$ - 0.25$. This scenario is extremely unlikely. It is more likely that in case of bearish confirmation XRP will close outside of the Swirl and underneath the green support channel. In that case we would liquidate and wait for bullish signal.
The only signals a bullish trader should wait for right now are a cross on the monthly MultiRSI (which is not even close for now) and a bullish cross of the Smoothed Swirl and the 50WMA (purple). This cross would give us a buy signal and would provide the price action to break the important resistance of 0.40$.
To confirm a valid long-term trade, we need to break the monthly Smoothed Swirl to the upside as well. This will happen at about 0.50$ and will provide us the final signal for entering a long position.
Long-Term Targets:
Once the bull market is confirmed and in the case that business stays as usual (f.e. no crushing news etc.) we can expect to reach targets of at least 7$ to 10$ in the long term. Even though it sounds crazy considering the market cap, the SupertrenD red resistance channel predicted the market tops for XRP correctly since the beginning.
I hope that was helpful.
Let me know if you have particular assets you want me to analyse.
Best,
Felix Kewa
