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Ripple (XRPUSD) trendlines and their implication

A huge part of my work involves using a trendline(s) as it is the most powerful chart pattern and also because of how useful it is in analyzing charts. The trendlines for Ripple (XRPUSD) as marked on its Daily timeframe are numbered 1-4. Number 5 is the ADX (average directional index). An explanation of each is summarized below as it applies to Ripple (XRPUSD).

Technical analysis of Ripple (XRPUSD)

(1) This is the main bearish trendline for Ripple (XRPUSD) that is currently active. It is safer to take a bullish position on a break out to the upside that is confirmed by momentum.

(2) This is the main bullish trendline that has been active for Ripple (XRPUSD) since September 15, 2018. A break to the downside of this trendline could trigger a selloff in Ripple (XRPUSD).

(3) Support region for Ripple (XRPUSD) between ~$0.46 and $0.39. This support region (light blue color) is expected to offer bulls the opportunity to enter a long (buy) position. It is also interesting to notice that the support region does intersect the main bullish trendline [#2 above]. This increases the chance that Ripple (XRPUSD) might actually find support between ~$0.46 and $0.39.

(4) The previous bearish trendline for Ripple (XRPUSD) that was broken to the upside on April 11, 2018 indicated on the chart with dotted red lines.

(5) ADX (average directional index) as shown here at the time of this post does indicate that bears have the upper hand. This is indicated by the –DI (red color) line currently above the +DI line (green color) with the ADX line (black color) having a positive rising slope.

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One thought on “Ripple (XRPUSD) trendlines and their implication

  1. […] My previous post on XRPUSD (Ripple) can be found here. […]

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