Hello everyone, this is my daily crypto analysis, and this time we are looking at Ripple (XRP).
XRP recently found a great support in the 100 moving average on the hourly chart, and has great support point bellow it as well. It has been consolidating and preparing for a spike up for a while, though due to BTC rising, the volume fell down a bit (but if BTC starts going sideways, boredom traders will hop in soon enough into alts). The fundamentals of this coin are questionable, since many people question its inclusion in the deals made with the company, as well as the coin itself being centralized, but nevertheless we can see a semi bullish pattern forming around XRP.
If it gets enough volume in the next few days, we can see XRP spiking to the next resistance level, which will most certainly NOT be surpassed, due to the strength of it. If we look back a few days, weeks or even months, we saw the resistance point holding strong (the red circles i drew).
My call would be bullish up to the resistance point, but only if XRP finds support at the 4h moving average on top of all this, which would give a nice 20-30% upwards swing.
XRP recently found a great support in the 100 moving average on the hourly chart, and has great support point bellow it as well. It has been consolidating and preparing for a spike up for a while, though due to BTC rising, the volume fell down a bit (but if BTC starts going sideways, boredom traders will hop in soon enough into alts). The fundamentals of this coin are questionable, since many people question its inclusion in the deals made with the company, as well as the coin itself being centralized, but nevertheless we can see a semi bullish pattern forming around XRP.
If it gets enough volume in the next few days, we can see XRP spiking to the next resistance level, which will most certainly NOT be surpassed, due to the strength of it. If we look back a few days, weeks or even months, we saw the resistance point holding strong (the red circles i drew).
My call would be bullish up to the resistance point, but only if XRP finds support at the 4h moving average on top of all this, which would give a nice 20-30% upwards swing.
Comment:
As expected, XRP is consolidating, and bounding off the support zone.