The Ever So Volatile Ripple $XRP is Starting to Look Bearish Again

The Ever So Volatile Ripple $XRP is Starting to Look Bearish Again

Given the wild and astronomic price increase for the $XRP token over the last few days, it seems more appropriate now more than it ever has been to cover its future price action.

Ripple Price Analysis

https://www.tradingview.com/x/zZVTWnYH/

In the picture above, the lower support point was drawn days before based on $XRP’s prior price action on higher time frames when it was initially bursting through the seams.

Here is a transcription of the tweet that was posted attesting to this:

From what can be seen in the initial chart that was posted above, it appears as though the price is headed back to a re-test of 43 cents.

This should come of no surprise after witnessing the bump and run pattern in its full fruition during the meteoric price rise of $XRP.

Below is a readjusted version of $XRP.

https://www.tradingview.com/x/IxSsa2D9/

Zero_n0ncense Moving Fibs (Custom Indicator)

https://www.tradingview.com/x/qZDXG8Qm/

The moving fibs that you see here dictate that $XRP is also trading against a marked support point in that arena as well.

Please make sure to keep in mind that this is the H2 time frame as well.

https://www.tradingview.com/x/lh285tKb/

The logical assumption is that the price will continue to ascend from the price point that it is at currently.

https://www.tradingview.com/x/jQLk9D3g/

In the picture above, we can see that all of our oscillators are indicating oversold at this point on the H2.

Another positive note for $XRP bulls is the fact that the price has successfully bounced off of the EMA-100 on the H2.

https://www.tradingview.com/x/lQvFCCCk/

Now, let’s check out the higher time frames to see how $XRP is behaving there as well.

$XRP Daily Time Frame

https://www.tradingview.com/x/ZjUx8YVJ/

The above chart shows some notes about the current price action of $XRP.

Relative Strength Index (14)

https://www.tradingview.com/x/7uKp1Qp9/

The RSI(14) was grossly overbought recently. So, there’s not much room for a continuation in the price action at this point.

Typically, catalysts such as the one (whatever it was) that sent the price of $XRP flying through the roof die almost as quick as they came and they do not revive themselves unless there is something fundamentally different with the coin itself.

Therefore, $XRP is in serious danger of correcting substantially further than what it has already.

While the lower time frames were ambivalent, and potentially even signaled that there would be a slight ‘bounce’ — Chances are that the price of $XRP will be stifled by the already exhausted run and the fact that new buyers will not see as much of a potential ROI as there once was now that the price is already substantially overextended from where it was previously.

Conclusion

There is no R/R that the author advocates specifically at this point.

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