Well Ripple what should we say about it. After all the negative news, the course has collapsed and has lost level after level after level. Currently it is in the support zone around 17 cents. Will the news sink XRP further? We are only reviewing the charts with you today and if there is any news about Ripple you will of course find it on the website.
A day after last week's analysis there was a revival which resulted in a bearish test on the ema100 and the trend line. Then the price continued to drop like a waterfall and does not seem to want to stop yet.
The ema's are declining and if this continues there is a good chance that a bearish crossover will take place.
On the VPVR we see a thin spike support with a free track underneath it until the last hold just under 13 cents.
On the 4h you can see the retest on the trend line very clearly and you could have reacted nicely. Then you can see the waterfall effect up to major support where yesterday suddenly came a revival. This came up to the breaker (red circle) which also has confluence with the Fibonacci 0.618.
We see the rsi above the ema on the oversold area and this can cause a revival. Therefore we take a quick look at the 1h graph.
On the 1h graph we see two trend lines. The yellow and the pink. The pink one should break and be tested well to get a slightly more bullish feeling.
At the moment a higher low is set and the rsi and lbr are both pretty good to give a push up. But as you probably already figured out this would be a small boost up to the pink trend line that has confluence with the Fibonacci levels drawn on the 4h chart.
Conclusion:
I expect that if there is a revival it will be up to a maximum of 27 - 28 cents. But overall I am with all the news and so bearish on XRP and expect a further drop to the red support line. If this one also loses it it will be a bottomless pit and we just have to see where and if Ripple will be taken care of somewhere.
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