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Ripple is in A Pickle



 

Hi friends! Welcome to this update analysis on Ripple! Let’s get right to it! Looking at the four hour chart, you can see that XRP is forming a bear flag consolidation, as the 20EMA (in blue) begins to cross into the bear flag . The 20 EMA has been very resistive lately, so the chances of a bear flag breakdown are increasing as the 20 EMA crosses into it. There is a bullish crossover that is occurring on the MACD , and there is a small amount of green volume on the chart, but the overall appearance of this chart is stillbearish . If you look closely at the candles inside of the bear flag , you can see that the past three candles have tall wicks on the top sides. This is an indication of distribution (selling) and, although it is on a small scale, it shows that there is sustained sell-side pressure inside of the bear flag . That is a nuance that indicates an increase in the breakdown potential of the flag. Regardless, we have identified that there is a bear flag consolidation on the chart. Now, we just wait for the breakdown. If the flag breaks to the downside, which is the most likely outcome, a test of the 2/6 bottom, of 0.57290, will be on the table. Until then, we can use the 20 EMA as a gauge of the breakdown potential. Since it has been so resistive, we don’t really want to see any sustained trading above the 20 EMA . For the bear flag to fulfill itself, we want to see the 20 EMA remain resistive, and potentially generate a breakdown of the bear flag . If/when XRP tests the 2/6 low, we will have to watch very closely to see if there is a strong bounce, or a breakdown below that level. What I find most interesting about the XRP chart, is that it is much closer to the 2/6 low, than BTC -0.53% , LTC, and the others. So, perhaps XRP will be a leading indication on the performance of the rest of the market. If XRP plummets below the 2/6 low, we may see similar breakdowns in the other top coins. For now, let’s keep a close eye on the action inside of the bear flag . A breakdown should occur in the near future. Good luck trading, comrades! 

This has been your not-so-humble market wizard, droppin’ knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone! 

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** 

Ripple is in A Pickle. (XRP) =) by MagicPoopCannon on TradingView.com

  Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that XRP is forming a bear flag consolidation, as the 20EMA (in blue) begins to cross into the bear flag . The 20 EMA has been very resistive lately, so the chances of a bear flag breakdown are increasing as the 20 EMA crosses into it. There is a bullish crossover that is occurring on the MACD , and there is a small amount of green volume on the chart, but the overall appearance of this chart is stillbearish . If you look closely at the candles inside of the bear flag , you can see…

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