XRP chart analysis for today is carried out using a 4 hour time frame log scale.
It was mentioned in the previous post that price action breaking to the upside of the bear channel, and also above resistance as indicated by the horizontal blue lines (previous post) would argue for a bullish bias in Ripple (XRP).
Commentary is provided based on the numbers marked on the chart.
(1) Bullish trend line with the most recent pivot occurring on November 4, 2018. Price closing below the trend line negates further upside in the price of Ripple.
(2) ~$0.46 and $0.42 is used in this XRP chart analysis to indicate immediate support for Ripple. The support area does coincide with the support region of the trend line i.e. (1) above, therefore increasing the likelihood for resumption of bullish momentum at support.
(3) The Relative strength index (RSI) as shown here indicates that the current momentum has run out. Consequently, it is better to wait for a pull back in price before attempting to join the bullish trend. Retracement and price breaking back above the most recent high is therefore the most conservative entry for a long (buy) position.
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