Ripple (XRP) Showing Dominance over the Market

October 8, 2019 By: Lorenzo Stroe

Ripple has been one of the strongest cryptocurrencies after the recent market flash crash. The digital asset has been able to set clear higher lows throughout the last two weeks creating a strong daily uptrend.

The bulls were facing a ton of resistance around the 12-period EMA, unable to break above it for 7 days in a row until yesterday when the bulls made a huge 8% move to the upside smashing through both resistances.

The bulls are now looking for consolidation or confirming a bull flag as the RSI is approaching overextended levels. The EMA’s are close to a bull cross, most likely tomorrow.

The 4-hour chart has somewhat formed a downtrend, however, the bulls were able to defend the 12-period EMA although the RSI is at 65 points, really close to the overbought area. The bulls might need to see further consolidation here before another move up.

The weekly chart has changed as the bulls are setting a nice equilibrium pattern unless they have enough momentum to break above $0.327, although this seems the least likely scenario. The recent bottom was set at $0.212 and the bulls are now looking for a lower high as they have been rejected from the 12-period EMA.

The monthly chart is not so great for the bulls as their best hope is to set a lower high compared to $0.51 and create another equilibrium pattern on this timeframe too.

Follow us on
Daily updates

Leave a Reply

avatar
  Subscribe  
Notify of