XRPUSD - 1D Chart Analysis
Ripple started the month with the right foot, with it’s price crossing the 20 days Moving Average and creating a green candlestick above the later, which is often considered as a confirmation of the bullish trend.
Unfortunately, what was expected to be a good sign for the following days has turned out to be just an illusion because the trend has been changed again on the 3rd of March.
It’s important to mention that the same scenario has happened on the 16th, when the bullish trend on a 1D chart has started one more time, but the disappointment came back, this time after 5 consecutive days.
Therefore, we can say that nothing important has happened with Ripple so far, mainly because of the inconsistency of the trading volumes.
Today, the price is traded below the Pivot Level and based on the technical indicators we are usually using, it seems that the odds are not favorable for the following period :
* The “fast” line of the Stochastic is below the “slow” one and without any crossover registered between these 2, the chances of having a change in the price direction are very small;
* The MACD’s position at the bottom of the Signal seems to be very solid, meaning that there are more chances to see the price decreasing even more;
* The RSI has a neutral position and this usually shows the market’s indecision or the continuation of the sideways movements;
* With the trading volumes getting lower and with the Standard Deviations of the Bollinger Bands getting closer to each other, we have more chances to see the price going even lower.
Therefore, we have more chances to see the price getting even closer to the Support Level of 0.3068$ but any progress of the trading volumes comes with a possible target price of 0.3179$ on the short term.
Unfortunately, what was expected to be a good sign for the following days has turned out to be just an illusion because the trend has been changed again on the 3rd of March.
It’s important to mention that the same scenario has happened on the 16th, when the bullish trend on a 1D chart has started one more time, but the disappointment came back, this time after 5 consecutive days.
Therefore, we can say that nothing important has happened with Ripple so far, mainly because of the inconsistency of the trading volumes.
Today, the price is traded below the Pivot Level and based on the technical indicators we are usually using, it seems that the odds are not favorable for the following period :
* The “fast” line of the Stochastic is below the “slow” one and without any crossover registered between these 2, the chances of having a change in the price direction are very small;
* The MACD’s position at the bottom of the Signal seems to be very solid, meaning that there are more chances to see the price decreasing even more;
* The RSI has a neutral position and this usually shows the market’s indecision or the continuation of the sideways movements;
* With the trading volumes getting lower and with the Standard Deviations of the Bollinger Bands getting closer to each other, we have more chances to see the price going even lower.
Therefore, we have more chances to see the price getting even closer to the Support Level of 0.3068$ but any progress of the trading volumes comes with a possible target price of 0.3179$ on the short term.
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