Technical Analysis on Ripple: Approaching the Apex on Multiple Indicators
Ripple’s approaching the apex of the wedge it’s been operating in for the past 2 and a half months. Volume has been steadily decreasing since early May. This often happens just prior to a major move up or down. If it drops, there’s strong support at $0.45. A break to the upside will likely find resistance at $0.67.
The 1 day RSI and MACD, as well as the 4 hour MACD, are also all operating within a wedge. The closer it gets to the apex, the greater the chance of a breakout...up or down. It looks like we should have resolution on or before July 1st.
Looking at the 4 hour chart, we can see the 8 day EMA has just crossed above the 21 day. This is an indication the market may be strengthening.
The 4 hour RSI has been operating within a rising channel. A break above or below this channel may indicate the respective start of a larger trend.
Most people either love Ripple or hate it. Personally, I believe it has the product, team, partners and money to succeed longterm. In the short term, Ripple has a few more obstacles to maneuver around. One of the largest is the lack of regulatory clarity. Large investors will remain hesitant to invest in XRP until they know the rules of the game. Once we get regulatory clarity from the SEC, I believe we’ll see the bull run many have been waiting for. Until then, we can expect continued volatility.
Let’s see how this next week plays out.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.
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by Workin2005
Great update, thanks!
My pleasure