4 Hour here showing clear signs of consolidation after the nearly 10x run to $3.20 area. Currently playing between important lower fib levels of 0.786 and 0.5.
However there are a few very interesting things here..
The RSI is in a clear uptrend and the 4 hour MACD is has shown bullish divergence. I look to these two indicators as a signal of bottoming out during periods of consolidation. Not pictured, but OBV has shown some hidden bullish separation as well to the upside.
While XRP can be in this consolidation period for awhile longer, let's look at the potential of XRP if it is able to get confirmation to the upside..
A clear bullish channel has been formed, showing us the way to $4.00 and beyond. Taking fib extensions into mind, we can go get around the $5.50 area in the longer term. Keep in mind this is not an exact thing, but it should get us in the ballpark area.
So what are we waiting for?
Confirmation to the upside is with a 4 hour close above the resistance trend line the arrow is pointing around $2.20 on heavy volume.
Failure - a 4 hour close below the support trend line around $1.70 would likely lead to a trend reversal
Not financial advice
Good analysis Man. Always interested in some Ripple stuff. Been a holder for a long time now. I don't do technical trading but my gut tells me we are in for an extended period of consolidation, like we had last year. I hope I'm wrong! And anyway, an "extended period" in the world of crypto can turn out to be a day or two :D. I'll chuck you a follow, keep the analysis coming.
Thank you, I will keep ya updated as things evolve. I would say right now there is a good sign saying this period of consolidation could be brief as XRP's younger brother is currently breaking out of it's lower consolidation levels!