XRP made a harmful correction move from june 26 to july 02. This move has been absolutely parallel to that of BTC or ETH.
But even if there are some correlations between those coins, there are on the other hand big differences.
Ripple did a fast rally to the top of a new corridor - which I could draw, when XRP made a second attempt to break the top line.
ETH and BTC didn´t do this move but grew steadily till june 22; then the 2 coins / tokens made a rally to their last high before falling back on their support lines (fib retracements).
When BTC and ETH made their high, Ripple didn´t manage to break the fib retracement, far below the upper limit of the corridor.
This has been a sign of weakness. Both BCT and ETH have been in overbought zone and the correction has begun - with pushing Ripple to the bottom.
One short moment I´ve suspected that Ripple even could break the lower limit of the corridor, but on the nearby swing trend line it stopped and turned back to the corridor.
So, in my opinion the corridor is still valid and not only that, but also very strong. XRP should stay in it for the next time. An invest on this low level seems to me not be too risky.
If my analysis is right, the next move should be motive and lead Ripple no at least the last high (~ 0.50$). A gain of around 24% up from today.
There are some fib retracements in between, each one a resistance or support.
This is no trading advice.
But even if there are some correlations between those coins, there are on the other hand big differences.
Ripple did a fast rally to the top of a new corridor - which I could draw, when XRP made a second attempt to break the top line.
ETH and BTC didn´t do this move but grew steadily till june 22; then the 2 coins / tokens made a rally to their last high before falling back on their support lines (fib retracements).
When BTC and ETH made their high, Ripple didn´t manage to break the fib retracement, far below the upper limit of the corridor.
This has been a sign of weakness. Both BCT and ETH have been in overbought zone and the correction has begun - with pushing Ripple to the bottom.
One short moment I´ve suspected that Ripple even could break the lower limit of the corridor, but on the nearby swing trend line it stopped and turned back to the corridor.
So, in my opinion the corridor is still valid and not only that, but also very strong. XRP should stay in it for the next time. An invest on this low level seems to me not be too risky.
If my analysis is right, the next move should be motive and lead Ripple no at least the last high (~ 0.50$). A gain of around 24% up from today.
There are some fib retracements in between, each one a resistance or support.
This is no trading advice.
Trade active:
adjustment of the corridor! Breakout of Ripple on the lower side still no change in my analysis
adjustment of the corridor! Breakout of Ripple on the lower side still no change in my analysis
Trade active:
watch it out - there is a positive divergence between RSI + MACD and the price of XRP !
watch it out - there is a positive divergence between RSI + MACD and the price of XRP !
Order cancelled:
1) on 4h- basis the indicators signalled a positive trend, but not on dayli basis
2) a lot of money is pouring into the bitcoin, leaving behind the altcoins
3) the trend channel has been tested on the lower side, but within the third testing the limit has been broken several times - so this has been a weakening of the lower side - the next move couldn´t be foreseen but it shall has been a warning signal.
conclusion: instead of being alarmed I thought this would be a good buy opportunity.
Is this now is a new buy opportunity? No, not yet. The indicators are negative and there is no new signal, that the trend will turn on this level.