XRP-USD Chart Breakdown: Daily Timeframe
XRP/USD is a satisfying pair to chart because it usually has very little correlation to Bitcoin, making the outcomes somewhat different. But in this particular case, XRP seems to be completing a massive downward trend to satisfy previous levels just like BTC.
XRP on the daily chart has now made (1), (2), (3), and (4) of a downward move. We can't rule out the possibility a downward sequence doesn't appear immediately. The market has been incredibly choppy in the last 2 months owing to the break of key supports held for 8 months and the bullish pressure to regain some ground.
The blue lines represent a previous high, the red line represents a previous low. The low of the bear market is likely to fall upon $.127 or $.07. These represent the most likely potential bottoms for XRP. But if the $.451 line (black resistance line) is broken, the position of (4) could change. If (2) is invalidated, this entire theory no longer holds.
As of now, we continue making lower lows and lower highs so I forecast a test of the upper trend line followed by a major downward move.
An additional indicator for experienced technicians, the current move has just missed the 61.8% and 38.2% fibonacci retracements by a small, relatively meaningless margin as well as no moving average divergence. This has further confirmed this donward play for me.
This is meant purely to give an outlook on the pair and doesn't constitute financial advice. Trading should be executed based on your own research and sentiment
--AB
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