The Ever So Volatile Ripple $XRP is Starting to Look Bearish Again
Given the wild and astronomic price increase for the $XRP token over the last few days, it seems more appropriate now more than it ever has been to cover its future price action.
Ripple Price Analysis
https://www.tradingview.com/x/zZVTWnYH/
In the picture above, the lower support point was drawn days before based on $XRP’s prior price action on higher time frames when it was initially bursting through the seams.
Here is a transcription of the tweet that was posted attesting to this:
From what can be seen in the initial chart that was posted above, it appears as though the price is headed back to a re-test of 43 cents.
This should come of no surprise after witnessing the bump and run pattern in its full fruition during the meteoric price rise of $XRP.
Below is a readjusted version of $XRP.
https://www.tradingview.com/x/IxSsa2D9/
Zero_n0ncense Moving Fibs (Custom Indicator)
https://www.tradingview.com/x/qZDXG8Qm/
The moving fibs that you see here dictate that $XRP is also trading against a marked support point in that arena as well.
Please make sure to keep in mind that this is the H2 time frame as well.
https://www.tradingview.com/x/lh285tKb/
The logical assumption is that the price will continue to ascend from the price point that it is at currently.
https://www.tradingview.com/x/jQLk9D3g/
In the picture above, we can see that all of our oscillators are indicating oversold at this point on the H2.
Another positive note for $XRP bulls is the fact that the price has successfully bounced off of the EMA-100 on the H2.
https://www.tradingview.com/x/lQvFCCCk/
Now, let’s check out the higher time frames to see how $XRP is behaving there as well.
$XRP Daily Time Frame
https://www.tradingview.com/x/ZjUx8YVJ/
The above chart shows some notes about the current price action of $XRP.
Relative Strength Index (14)
https://www.tradingview.com/x/7uKp1Qp9/
The RSI(14) was grossly overbought recently. So, there’s not much room for a continuation in the price action at this point.
Typically, catalysts such as the one (whatever it was) that sent the price of $XRP flying through the roof die almost as quick as they came and they do not revive themselves unless there is something fundamentally different with the coin itself.
Therefore, $XRP is in serious danger of correcting substantially further than what it has already.
While the lower time frames were ambivalent, and potentially even signaled that there would be a slight ‘bounce’ — Chances are that the price of $XRP will be stifled by the already exhausted run and the fact that new buyers will not see as much of a potential ROI as there once was now that the price is already substantially overextended from where it was previously.
Conclusion
There is no R/R that the author advocates specifically at this point.