Correction for ripple?

Updated

Ripple broke out downward from it's upward channel. It bounced back and touched this channel as a final ´test´but couldn´t get back in. This looks like the formation of a right shoulder after already forming a left shoulder and head. This is a reversal pattern. Additionally divergence is showing between price movement and volumes; a lot of volume backed the climb to 2.04, then there was a drop to somewhere around 1.65, and then far less volume backed the climb to 2.20. A lot more volume backed the fall that came after though. These are signs of trend reversal as well. And obviously; after rallies like we've seen, a correction is to be expected (and healthy).

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Possible divergence on the hourly chart:

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Obviously the neckline has to be broken for this pattern to realise itself. Currently xrp made a bounce from this line perfectly at 1.72. I've got quite some xrp myself, so this is painful to watch, but at least this might provide the opportunity to buy some extra at the dip.

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A downward channel had formed today, bringing xrp down to about 1.54. I forgot why I had placed a resistance line there, but it seems xrp used it to break out of the downward channel. It might come back to test it, or we might already have seen the end of the correction.

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Ripple touched 1.40, smack in the middle of the projected range. Making an accurate projection is a bitter victory when so much value in xrp just vaporized, but that's the game I suppose. Let's hope ripple can recover some of that value from this point onward.

stuff

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