Hi friends! Welcome to this update analysis on Ripple! Let's jump right in. Looking at the four hour XRP chart, we can see that a nice breakdown has occurred, since the last time I posted. The breakdown sent XRP below the dark blue trendline , but the buyers stepped in with HUGE volume , to stop the selling dead in it's tracks. Unfortunately, the bounce hasn't had any follow through. The bullish volume rapidly diminished, and XRP is stuck in a bear flag with the rest of the big coins (except for LTC.) Interestingly, LTC is the only coin that hit my downside target, and it's performing the strongest at the moment. It quickly broke to the upside, forming more of a V bottom, while the rest of the top coins form bear flags. That may be a sign, that there is more downside left in this market. The other coins could continue lower, while LTC finds some resilience going forward. Looking at XRP, this is what I think. If the bounce was all that it's cracked up to be, we wouldn't be getting stopped cold at the bottom of the blue trendline . Do you see what I'm saying? We sure sailed right through it on the way down. Now, after the bounce that so many are proclaiming has solidified "the end of the bear market," it can't even get back above the blue trendline?! Please. I know failure when I see it, and so far, this looks like a failed bounce. That said, my target remains on the downside. Remember, the targets don't HAVE to be met. The will only be met, if the bearish patterns correct to their full potential. However, in my opinion, a deeper correction appears imminent. Also, the 50 EMA (in orange) has been heavily resistive, and it's falling right toward the price action.
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.
