XRP on the 3 week chart shows us that the current candle is testing the 9 day moving average of $0.333, however notice the previous three week candle pushed well above this before being forced back down before the close – the same thing can happen to this current 3 week candle.
The two week chart shows us that price has come down to test the diagonal support / is currently trading above the two week 9 day moving average, suggesting a push up to the 20 day moving average of $0.368 is possible, inline with a push up on Bitcoin.
The weekly chart here shows how last week price tested and closed above a support level of previous consolidation, suggesting that this week, price will push upwards if we see a break above the moving average cross over. If I were to take this trade on the weekly time frame, I would again similar to ETH have a very tight stop loss below that range (below $0.321) as there is still room for a touch of the diagonal trend line, which would be a better entry – again, why I prefer to trade Bitcoin whilst the market is still in a retracement stage of the market cycle.
Looking at the 10 day chart we can see price is trading above, and has just tested the 9 day Moving Average, which suggests if price were to push up, the next target would be the 10 day 20 day Moving Average of $0.356 over the next 10 days.
Lets now step down onto the daily to take a closer look.
The daily chart is equally as messy for XRP. We can see that price is currently trading above the horizontal support that was previously broken, creating a new higher lower, which suggests a move to the upside is coming – however, confirmation of this upside movement would be when the downward diagonal trend is broken.
In this case, if I were to trade XRP I would again enter with a very tight stop loss now with a stop loss below the highlighted range ($0.3202) to minimise risk in-case price rejects down to test the upward sloping long term diagonal trend.
Another option would be to wait for a break of the downward sloping diagonal trend for the upside movement.
Hence, I will not be trading XRP, though it is likely to move inline with Bitcoin, which I am trading from a lower entry from previous weeks. Hence the risk is covered from a better entry.
I will point out that this is only an overview of how I trade, as a rough guide for non-students to have an insight into the moves to come
Starting with the 10 day chart for XRP, we can see that last weeks bullish candle failed to break above the 20 day Moving Average and our 1 month 10 day Moving Average & the weekly Upper Bollinger Band resistance.
This current 10 day candle is consolidating between the 20 and 10 day moving average, inbetween two vital support and resistance levels of $0.333 and $0.376.
Stepping down onto the weekly chart we can see that the most recent bullish candle broke above a period of consolidation, last weeks candle came down to test that horizontal support and the moving average crossover of $0.333
I have also drawn in a diagonal trend line which could be a region XRP spikes down to test as Bitcoin falls this week – XRP could spike to test $0.305 before going higher along with Bitcoin next week, providing price rejects back up above the moving crossover before the weekly close.
Stepping down onto the daily chart it provides us with further confirmation that a push to the downside is likely.
XRP has broken below both the 9 and 20 moving average, an its heading down towards the diagonal trend line – notice how the lower Bollinger Band is as at a steep incline, this means price is attracted towards it, and if price does drop, it will be a sharp quick drop that test the lower Band before rejecting back up for a continuation to the upside next week.