Long

ripple trend reversal

Updated

There is possibility that xrp is escaping it's downtrend. For the last day or two it was caught in a falling wedge, the upside of which being that a breakout is typically upwards. And that just happened, supported by bullish divergence. There is however still a larger downward channel in which xrp is trading, and it has to escape that to be able to start somewhat of a recovery. If that happens, it might retrace up to 1.95 euro

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Still in that channel.

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It looks like we've just had a break from the channel! The volume providing this break wasn't noteworthy, so it could still be a false breakout... but something tells me we've finally escaped the downtrend that pushed down xrp since it's peak.

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Seems the volume not being noteworthy would have been a clue; the breakout was weak. The upside is that the low at 72 cents will remain the lowest low for now, but the 38.2% retrace was the turning point for the bounce from this low. I think we are looking at formation of a consolidation channel (between orage bars) within which xrp might trade for a while until the crypto market as a whole decides to take a clear direction up or down.

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Another way to look at it:

Which means xrp is still caught in the main downtrend. Let's see what this week will bring...

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We're still alive. Bullish divergence supports the breakout from the current channel.

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cleaned up graph. The red horizontal lines are what I think are future resistance levels.

stuff

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