Ripple has been one of the weakest cryptocurrencies this third quarter of 2019. The daily chart has been in a heavy downtrend for a month and it’s currently trading sideways.
Ripple has been trading sideways for a month now with really low volume and really low volatility. The 12 and 26 daily EMA’s continue to be bearish crossed and the RSI is not yet touching the oversold area.
The last big support on the daily chart for XRP is at $0.282 and we are currently trading at $0.305. Bulls would love to break the high of $0.318 which isn’t too far away. There is one interesting thing happening in the XRP/BTC chart. Ripple just broke out of a reverse head and shoulders pattern which is a bullish indicator.
The weekly chart for XRP continues to favor the bears with a bear flag, however, this flag is now extended for 4 weeks which can be concerning for the bears. Overall, the weekly chart is also in a sideways situation for all 2019.
The monthly chart is even worse, currently in a beat up equilibrium pattern favoring the bears by a huge percentage. If this pattern breaks bearish, it would be the end for the bulls and all hope will be lost for the rest of 2019.
Looking at shorter time frames, the hourly chart is not looking too bad for XRP, although the RSI is approaching the overbought area. The bulls were able to create a bull break and enter in an hourly uptrend with the EMA’s crossing bullish.