RIPPLE – ALTCOIN CHART ANALYSIS

Ripple (XRP) is coming off volatile days. After briefly advancing into the area around USD 0.37, we were sold off immediately and have only known the downward direction since then.

We are currently trading around $0.33 and consolidating. We have tested a small support zone and have been able to hold it so far. At the top we have a lot more to gain.

The wick to $0.37 has accumulated a lot of liquidity there and a lot of short positions. Which is why it would be more logical to pick them up first.

On the daily chart, at USD 0.36, we still have the Daily EMA Ribbons ahead of us, which could stop us earlier. The RSI is post in the oversold area.

A short recovery rally is likely, but in the longer term we have to assume lower prices again, as we find significantly more support at USD 0.29 – 0.30.

There was also aggressive accumulation during our last major sell-off, which is clearly visible in the volume. If this support then holds, we could form a longer-term bottom.

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