The week is going 'in half' today and we can say that the weekly chart doesn't look very good for Ripple. For example, XRP is still below the resistance level of 24 cents and we see quite a wick on the top. From this we can conclude that the bears are doing their best to keep the price down and with the first session in mid-February it doesn't look very rosy for Ripple.
On the daily is good to see that Ripple has quite a bit of trouble to break through the 24 cents. The weekly open has been offering decent support for a number of days, but will it continue to do so?
Looking at the ema's there seems to be a bearish crossover of the ema55 and 100 coming up. The rsi is still at the top of the oversold area and is also struggling to rise above the ema.
If you like patterns you can see a bearflag pattern or an ascending triangle on the 4 hour graph. These are two opposite patterns. The bearflag, as the name suggests, is bearish and the ascending triangle is a bullish pattern that is currently broken at the bottom.
If you look at my analyses more often you probably know that I personally don't trade a lot of patterns but grab the horizontal zones and Ripple has trouble breaking them. As soon as a candle even appears above it, you'll see the bears in action and push it underneath again.
If we take a look at the ema's, they'll drop quite a bit and the distance between them will increase, which indicates a strong trend (on this timeframe). The rsi and lbr are both just below the center line and ema. This can lead to a small revival.
Conclusion:
Actually, little has changed with my analysis of last week. A revival to 27 cents could still be possible. When this happens and the candle close is above 0.2443 cents on the 4 hour chart we could start looking carefully at the top. If a 4 hour candle close opens below the monthly then the 0.17385 will be visited with a reasonable chance of going to the 13 cents afterwards.
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