On higher timeframe, it was another boring week for the Ripple. The price is still in between 50 and 57 cents. For second week in a row we see a reasonable wick on the upside which means the bears are looking to pull the price down. The ema's are still favoring the bulls and the momentum remains pretty much the same. The rsi is quietly moving up and has been hanging below the 70 level for a while.
daily chart: https://www.tradingview.com/x/p4QCMicK/
There does seem to be some life in Ripple again after all the negative news and such. In fact, Ripple just made another nice fibonacci 0.618 retrace and seems to be looking to re-visit the 57 cents level. The ema's are in bull mode and momentum is picking up. The rsi does find itself below the ema in neutral above the 50 level. The ema is declining and the rsi is rising rapidly. A breakout or rejection is imminent. Let's see what the lower timeframe can tell us.
4h chart: https://www.tradingview.com/x/9wqht6o0/
Here we can see a descending triangle which is also known as a bearish pattern. After the breakout we see a second test lower trend line of the descending triangle with another 15m inefficiency block below it. The bullish momentum is waning on the ESMAs. The ema100 offers good support to the price so far. The rsi has been moving towards the bottom of the 50 level for some time and has recently crossed the ema bullish.
1h chart: https://www.tradingview.com/x/pRQUXk6W/
Conclusion:
Longterm so looking at the daily chart and higher I do think we can expect a rise in XRP. On the short timeframe I currently see 2 scenarios. If we can flip the breaker line on the 1h chart and also go out of the triangle then it is likely that the price will want to continue rising. If we stay within the triangle after XRP goes through the breaker, then there is a possibility of it going lower first, a bit deeper into the golden pocket and also filling the inefficiency block. I do not expect that we will lose the 50 cents again so it will be close this week if we can leave the 57 cents behind us for good, at least for the coming time.
