Conclusion for today’s XRP analysis:
Conservative strategies for buying XRP include initiating long positions above 0.43
A logarithmic scale is used in today’s XRP analysis with inspection of active chart pattern(s) on the Daily time frame.
The most prominent chart pattern on the Daily spans April 23, 2018 to current date…a descending triangle chart pattern. It is important to note that even though the pattern is ideally bearish, it is not always the case and breakouts above the upper boundary are a reality in the market.
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Price action has managed to meander inside of the pattern until the recent breaks below the channel on August 15 and September 24, 2019. A successful close of price below the lower boundary of the channel implies confirmation of the triangle and therefore lower price in Ripple (XRPUSD) to be expected.
Retracement of price action to the 200 moving average on September 18, 2019 showed a failed attempt at closing above the moving average and a sell off resulting afterwards. This also implies weakness and lack of bullish momentum strong enough to overcome the current bearish sentiment.
In order to rule out further move to the downside, price action would have to close back above its 200 day moving average, and even better still would be a close above the upper boundary of the triangle at ~ 0.43.
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