Ripple’s XRP: Are We Approaching a Possible Bottom?
During the most recent dip in the crypto market, Ripple’s XRP has not fallen in price as much as most other cryptocurrencies. It is currently right at the support area ($0.24-$0.28) formed by the lows in October 2018 and the highs of October 2017. A break below $0.20 would nullify this support.
As we can see from the Weekly chart, Ripple’s XRP is at a very critical point. While there is no support points or divergence in the RSI, the MACD and Chaikin Oscillator are at critical levels. The MACD wants to make a bearish cross and is of vital importance to see if it rejects it and continues upwards, or it crosses and falls. Furthermore, the Chaikin Oscillator (Yellow dotted line) is almost below 0, a bearish sign. It is of vital importance to observe what the new weekly point shows.
A look at the daily chart shows similar price indecision. While the RSI is quite oversold (<30), there is no bullish nor bearish divergence. The MACD rejected a bullish cross in early December and is now falling slightly, with no clear indication if it is going to keep falling or reverse and increase.
Finally, a look at the 12hr chart might offer some clarity, since the price is following a structure. As we can see, the price is stuck in a descending wedge. If price hovers around the long-term support laid out in the beginning and does not break $0.20, it is quite likely that it follows the yellow line, and breaks out of the wedge in mid-late December. Is this scenario unfolds, the first target would be at $0.35.
- Ripple is at the support area of $0.24-$0.28.
- The indicators are indecisive and at a critical point. Close monitoring during the next week is ideal.
- If the price breaks $0.20, the next support area would be at $0.12.
Ripple’s XRP: Are We Approaching a Possible Bottom? was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.