[ad_1]
Long-term Outlook
A look at the weekly chart for XRP shows that the discounted price support at $ 0.3 (formed from the highs of August until October 2017 and then the August lows until September 2018) and quickly reversed in the area near $ 0.4. The price has made a candle spinning top that indicates indecision in the market and currently trades at $ 0.37. The price is facing the resistance of the 7-period moving average, which previously made a bearish cross (yellow arrow). The RSI is at 45, indicating neither overbought nor oversold conditions. While the MACD has made a bullish cross (yellow arrow down) it is climbing with a minimum amount of force.
Medium-term Outlook
A look at the 3-day chart shows a similar indecision. The RSI is at 45, indicating neither overbought nor oversold conditions. The MACD has made a bullish cross and is climbing with minimal strength. However, the moving averages of the period 7 and 21 have made a bearish cross and are providing price resistance. Moreover, the price is facing resistance from the MA of 50 periods and from the cloud of Ichimoku.
A look at Ripple's daily chart finally provides us with a structure in which the price is currently moving. The price is moving within the confines of a symmetrical triangle with resistance in the area close to $ 0.42 (red line) and support at $ 0.3 (green line). The MACD is stuck between doing and rejecting a bearish cross and has had minimal strength in the last 7 days. It is certainly a possibility that the price moves only within the boundaries of the triangle for the next 60 days.
Short-term Outlook
A look at the 12-hour chart gives us more information on price movements. As we can see, the upward movement from $ 0.3 to $ 0.4 was preceded by a significant upward divergence in the RSI. Moreover, there was a bearish divergence when the price touched the resistance line (red line) and immediately reversed.
Finally, a look at the 2-hour chart provides another business structure. The price is apparently moving in a descending triangle (bearish pattern) for the past week. A break in the triangle would put the mini-support area at risk at $ 0.32, which was the highest of December 7-17. The yellow solid line is the height of the triangle projected from the breaking point.
conclusions
- In a period of daily time, the price moves within a symmetrical triangle
- The indicators show the indecision in the market
- In the short-term price it is moving in a descending triangle
