RIPPLE Technical Analysis

in #ripple7 years ago

Ripple (XRP) is showing a nice bearish structure forming, creating a buy opportunity to come in the near future. If we take the short term high of $3.30 and divided it in half to $1.65 that helps us easily define equilibrium. Furthermore one can use Fibonacci retracement to find 62% of the move or deeper depending on your risk appetite. Hope you find this study as fruitful as I do.
XRP JAN 18.PNG

Sort:  

Excellent eye. It was indeed one of the most common bearish patterns, called expanded flat 3-3-5. As you can see the bulls were waiting for that and jumped right in!

$2.40 will prove to be a tough low to break, it will be interest when the big boy buyers come and push it higher

DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.