Once again this week Ripple managed to carry itself nicely. Currently, after the fib 0.618 test, the price is in the area where the pump also went and today it seems to be going to test the 0.382. We will take a closer look at this in a moment on the lower timeframes.
The ema's are slowly starting to show trend strength after which the rsi looks to be getting ready to test the ema. The rsi is in neutral territory between the 50 and 70 level.
Daily chart: https://www.tradingview.com/x/kLjja3ng/
Here we see a falling wedge and or channel depending on which wicks you pick. But what I find much more interesting is that we are testing a horizontal support of 0.50 cents, the volume is declining. This is what always happens with a falling wedge before it breaks out, whichever way it goes. If we pull the fibonacci over the upmove then the 0.5 has confluence with the horizontal support and the 0.618 has almost been touched.
The ema's are bullish with the ema55 providing resistance offers the ema 100 support. The rsi, like the price, is falling and is meeting resistance from the ema below the 50 level. However, the rsi does seem to be testing the ema again to see if it can go through.
4h chart: https://www.tradingview.com/x/R2v1ZaJI/
On the one hour chart the ema's have turned bearish and we can see that the ema55 is still falling quite hard and the ema200 is putting up quite a bit of resistance. The rsi is experiencing resistance from the 50 level but is moving steadily up.
1h chart: https://www.tradingview.com/x/8sYV4eTE/
Conclusion:
Great opportunity for a minor correction to the fib 0.618 around the 47 cents to then move up towards the 80 - 82 cents. In this zone lies also confluence with the fib -0.5 and -0.618. Before we can get there, there could logically still be resistance at the 62 cents.
If Ripple establishes candle closes below 45 cents on the higher timeframes, the price could still go to 37 cents. But overall I am pretty bullish on Ripple at the moment. But keep in mind that the court case is in I think 5 days and that this could cause some very strange moves on the chart.
