Ripple [XRPUSD] | Consolidation [Inverse H&S]
When charting, we always want to look at both the USD and the BTC pair. Both should be in unison to form an actual trend.
Right now, XRP/USD has some bullish support through the 50 MA and the Inverse Head&Shoulder structure.
Major resistance is around downward trendline that's basically been established since the beginning of the year.
While Ripple already broke the downtrend on the BTC chart, it didn't happen on the USD chart yet.
The question is: Which chart shall we listen to?
Usually, the pair with more volume will direct the course of the action. In this case, it's the USD chart. Its trading volume is about 4x as high.
XRP/BTC already breaking the downtrend can still be an early indicator of a bounce, though.
That being said, everything still depends on Bitcoin. If it decides to take a major nosedive, XRP will most likely go down with it, since we still have co-relation between Alts and BTC.
I wouldn't take a trade until BTC decided where we're going.
I also just made an analysis for Bitcoin, feel free to check that out.
Have a great day!
Right now, XRP/USD has some bullish support through the 50 MA and the Inverse Head&Shoulder structure.
Major resistance is around downward trendline that's basically been established since the beginning of the year.
While Ripple already broke the downtrend on the BTC chart, it didn't happen on the USD chart yet.
The question is: Which chart shall we listen to?
Usually, the pair with more volume will direct the course of the action. In this case, it's the USD chart. Its trading volume is about 4x as high.
XRP/BTC already breaking the downtrend can still be an early indicator of a bounce, though.
That being said, everything still depends on Bitcoin. If it decides to take a major nosedive, XRP will most likely go down with it, since we still have co-relation between Alts and BTC.
I wouldn't take a trade until BTC decided where we're going.
I also just made an analysis for Bitcoin, feel free to check that out.
Have a great day!
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