Since the bullish run in Dec 17, which was arguably the best period cryptocurrency has ever seen, XRP along with many other cryptocurrencies were then subject to a huge sell-off. XRP has been stuck in a descending channel ever since. Current price action put this pari back in the area of the channel top.
Where could we go now?
Personally it's hard for me to confidently say where I see this pair going. I use the MACD as part of my confirmation to entering a trade. Comments for that are shown on the chart.
The current price action could be the formation of a flag, for which if we then see the bulls turn up in force could carry price action up and out of this long term heavily respected channel. If this were to happen I would say price could see the .48 level. This is shown as the area of purple which was a respected level in June 19 and October 18.
Failure to break the channel top would again see this pair dipping down to the descending support at .15 or .14, which is the area marked in green. Once price action reaches this point it could find support, or the bears could even take it beyond this to the descending channel bottom. This could potentially see price action reach as low as .08.
We will have to wait to see how this one plays out. There is no reward to risking an entry that could very soon turn against you.
Let me know your thoughts
Where could we go now?
Personally it's hard for me to confidently say where I see this pair going. I use the MACD as part of my confirmation to entering a trade. Comments for that are shown on the chart.
The current price action could be the formation of a flag, for which if we then see the bulls turn up in force could carry price action up and out of this long term heavily respected channel. If this were to happen I would say price could see the .48 level. This is shown as the area of purple which was a respected level in June 19 and October 18.
Failure to break the channel top would again see this pair dipping down to the descending support at .15 or .14, which is the area marked in green. Once price action reaches this point it could find support, or the bears could even take it beyond this to the descending channel bottom. This could potentially see price action reach as low as .08.
We will have to wait to see how this one plays out. There is no reward to risking an entry that could very soon turn against you.
Let me know your thoughts
