The Red Wavy line is the 50-day Moving Average on the 4hour Chart. This is acting as resistance.
The Blue Wavy line is the 20-day Moving Average and that is closing in on the 50. It too is acting as resistance.
The Gold Wavy Line is 9-day MA and it follows along.
The regression channel indicator captures the bearish trend nicely. However, this tool is showing me that the upper channel is in play since the 22nd with a retest in the 26th. If the prior action (4-day cycle) hits the mid-level of the channel then I am inclined to believe that the bears are still at work. But this is looking weaker too.
It is my opinion that XRP will push to resistance in the short term-48 hours or less-If the price does not hit support by 31 Jan.
The Short-term Fib shows the last move retrace to .786 and is now at the .5.
.236 and .382 is structural resistance.The top end of the regression channel also shows the.382 as resistance.
The regression channel was drawn first.
Lastly, XRP does have a repetitive history of this movement followed by a rapid downward movement. I expect XRP to consolidate in the next 48 hours. That will be an area that the skilled traders can work magic.
The Blue Wavy line is the 20-day Moving Average and that is closing in on the 50. It too is acting as resistance.
The Gold Wavy Line is 9-day MA and it follows along.
The regression channel indicator captures the bearish trend nicely. However, this tool is showing me that the upper channel is in play since the 22nd with a retest in the 26th. If the prior action (4-day cycle) hits the mid-level of the channel then I am inclined to believe that the bears are still at work. But this is looking weaker too.
It is my opinion that XRP will push to resistance in the short term-48 hours or less-If the price does not hit support by 31 Jan.
The Short-term Fib shows the last move retrace to .786 and is now at the .5.
.236 and .382 is structural resistance.The top end of the regression channel also shows the.382 as resistance.
The regression channel was drawn first.
Lastly, XRP does have a repetitive history of this movement followed by a rapid downward movement. I expect XRP to consolidate in the next 48 hours. That will be an area that the skilled traders can work magic.
Note
An interesting event will occur in 15 minutes. South Korean exhcanges that implemented KYC will open 30 Jan 2018. That is 15 minutes from now.RAK Bank will begin working with XRP. BitOasis will allow XEP trading in Dubai this week.
Note
From YonHap news. Over 3 million Koreans (1/17 of total population) have created KYC bank -> exchange accounts according to the financial authorities and commercial banks. The virtual currency trading real name system will be implemented on January 30th.
newsbtc.com/2018/01/29/ripple-embraced-uae-based-banks-cryptocurrency-exchanges/
Note
XRP ripple net platform is well known to UAE banking systems.Note
After 7 Days at the golden number, I would say a floor is in. Anyone else?Note
XRP is outside the channel bumping support!Note
Please note that XRP is still touching the .618.....A close below that level without touching could be a sign of lower values to come.Note
This Drawing still holds trueNote
Very INteresing-I am going to redraw
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.