My Technical analysis of the XRPUSDT Chart

Greetings everyone. Today, I will be analyzing the charts of the cryptocurrency currency called Ripple (XRP).

XRPUSDT 1 Day Chart [Adapted from Binance]

From the 1-day chart above, you can see that XRP started an uptrend initially. Several pin bar candle sticks appeared to further indicate an uptrend. You can see. I drew an orange trend line connecting the lows in order to further illustrate the uptrend. However, the uptrend got to a peak and then a downtrend began. This means the sellers got in and pushed the price back down. You can clearly see the red trend line connecting the lower highs in the downtrend.

Eventually, it seemed as though the downtrend stopped, and the price was just moving in the horizontal direction. This highlighted that part with a rectangular box. Perhaps the market was consolidating. The dilemma is whether the price will go up or down from this point. I think the price will go down.

Let's take a look at the 4-hour time frame.

XRPUSDT 4 Hour Chart [Adapted from Binance]
It looks like a ranging market such that the price rises to a point, gets pushed back down to a point and then bounces back up. From the chart you can see two horizontal lines. The upper horizontal line representing a major resistance price. Every time the price approaches that point, it gets pushed back down. Sometimes, the price tests that point and breaks out a little, but it immediately goes back down.

The bottom horizontal line also represents a significant price at which the price bounces. So it is safe to say the price was ranging between $0.59 and $0.63.

Recently, there was an uptrend after price bounced up from the support level. I indicated it with the parallel green lines.

The price got to the resistance level and, as expected, it is going down. I expect a further drop, just like I showed with the red rectangle. I predict that the price will fall towards $0.59.

The thing about ranging patterns is that there will always be a breakout. Only time will tell if it will break out in the upward direction or the downward direction.