2018-12-28 17:54 |
Note: The following is a short-term price analysis of Ripple’s XRP. For the long-term XRP price analysis, please click here.
6-Hour Outlook Ripple’s XRP 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that price hit a high of $0.45 then promptly reversed.
It is now trading at $0.35. The drop was preceded by bearish divergence in all three of RSI, MACD and the Chaikin Oscillator.
4-Hour Outlook Ripple’s XRP 4-Hour Chart – Source: Tradingview.comThe 4-hour chart gives support to the findings given in the 6-hour one.
Besides significant bearish divergence, the 7 and 21 period moving averages made a bearish cross and price are currently falling below the cloud.
The RSI is below 40, but not into oversold territory yet.
2-Hour Outlook Ripple’s XRP 2-Hour Chart – Source: Tradingview.comThe 2-hour chart provides us with three possible areas of short-term support.
Price hit the first area at $0.33 before bouncing slightly.
If the first area does not hold, the other areas of support would be at $0.32 and $0.27-29 respectively.
1-Hour Outlook Ripple’s XRP 1-Hour Chart – Source: Tradingview.comA look at the 1-hour chart paints a similar picture.
We can see that price is following a resistance line (solid red line).
Furthermore, the price is below all of the 7,21,50,200 period moving averages and the cloud
Conclusions: Significant bearish divergence at the 6-hour level. Three areas of support. Price is below most of the moving averages. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple’s XRP: Which of the Three Areas of Support Will Provide the Reversal? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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