Do we finally have a bottom?

On the daily chart of XRP\USD a diamond patter has seems to have formed. This usually indicates a major bullish indicator and a possible trend change. With the 21, 26 and 55 moving averages being very close to each other under the 100MA we should expect all three to cross. The RSI does still have room to move on the up side before hitting oversold could indicate a large move on the up side.

The first target would be to break the $0.32 - $0.33 area and then push towards the $0.46 level.

The funamentals of XRP this year have become stronger and stronger with Ripple making 2-3 new partnerships a week and the Moneygram deal would sustain such a move. XRP has been in a very prolonged accumulation phase for most of 2019 and in my view which started around end of 2018.

On the bear side, another quick visit around the $0.24 - $0.25 are may be possible but the chances are dimished with the above bullish patterns. The weekly chart of USD\XRP also looks very bullish and within a week or two we should see the price moving further up towards the $0.50 levels where a strong area of resistance is awaiting.
Nov 02
Trade active: I am really not sure how long the price can stay in this range now. On the XRP\USD chart on the 4 hour time frame there is a confluence of about 4 moving aveages which are 21, 26, 55 and 100. All of them are above the 200MA which is in ascending trend and mimics the bottom line of the bullish triangle where the price is in. The RSI is currenlty sitting in the middle of the chart with plenty of room to move either side indicating a big move should follow.

On the one day chart of the same pair is hovering above the 21, 26, 100 and 55 moving averages in that very order. In two days time the 55MA ia about to cross the 100MA and usually that is a bullish sign. The 200MA sits above all of the other ones at the moment with the price range moving tigher and tighter. The RSI is currenlty sitting a slight higher than on the 4 hours chart, again with plenty of room to move either side.

The $0.31- $0.32 resistance has been proven to be a tough one to break so far but the support zone of $0.25 - $0.27 has been also very strong. Another visit to the support area is very possible before another attempt to break the $0.31 - $032 will be made and it seems that in a few days we will see if broken or not. The volumes are pretty decent at the moment with about 1.4 billion USD being transacted in the last 24 hours but expect an increase towards the 3 to 4 billion if the resistance zone should break.

A failure on breaking the $0.31 - $0.32 levels would most likely see the price plunge to $0.22 - 0.20 area.

Personally I still favour the bullish scenario with a much greater chance of success than the bearish one. I belive that by early next week, Monday, Tuesday we will have our answers.
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