RIPPLE – ALTCOIN CHART ANALYSIS

Ripple (XRP) has had an extremely bullish week and thus a price increase of over 50% within a very short time. Now the price has leveled off a bit and could be getting ready for a new breakout.

We are currently trading around $0.48 in a symmetrical triangle. The trading volume has been decreasing significantly for a few days, which is not surprising after such a pump.

We are significantly more likely to break out to the upside than see a dump. Below us are the 4H-EMA Ribbons and Monthly Support R4 giving us support.

We are now in overbought territory on the daily chart. Not surprising after such a pump. But that doesn't mean we can't keep going.

Our high was formed with a lot of volume, so it's very likely that we'll recapture it and then reverse the trend here and make the first major correction.

It would be desirable if liquidity were picked up at around $0.566 and we continued to consolidate briefly here with very little volume. Then a correction to around USD 0.43 would be possible, since the next very strong support is here and our former range, from which we broke out.

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