XRP (XRP) had a rough Q2/Q3 period, falling under a very critical support level that had previously held since December 2017 (with a seven!) on both of its charts (BTC and USD). It has been fighting to get back above this level for months, and we may be seeing this (once ultra-)popular altcoin finally turning a corner back into an uptrend. Maybe.
We start on the daily XRP/USD chart, and note XRP’s struggle with the key resistance/support zone surrounding $0.29. XRP is making its second big attempt to crawl out from under this resistance (blue), but is getting squeezed against a more local diagonal resistance zone (red).
It has cleared the 21 and 55 EMAs, but we generally see a lot of ambivalence here. The short term uptrend has eroded into pure sideways ranging, and the tight formation of candlesticks (magnified below) indicates a choppy sideways market.
Going in a bit further to investigate (below), we see that price is getting shaky at this level, about $0.29. At time of writing, XRP has just barely closed below the 55 EMA for the first time since October 25 (in fact, it’s rather too close to call), it must be said without much of a fight.
The RSI trend is also breaking down, losing a trendline that has held for the same period. The histogram has put in a lower low, but seems to be putting in a faint up-arch.
Finally, having a quick look at the daily XRP/BTC pairing, we see more general conviction in the charts. The fourth leg of an uptrend looks to have completed, leaving an expected final wave to the upside left. This leg down was caught squarely within the ‘golden pocket’ area, above the previous swing high, in a textbook fashion.
We also see the histogram arching up nicely after its retracement. Volume, however, still looks pretty apathetic on this chart.
The overall theme of XRP at the moment seems to be: Not much interest either way. Perhaps all the drama with Bitcoin or newer mid-cap altcoins is stealing XRP’s lustre. On the USD chart, it is placed in a critical position of breaking through resistance and finally confirming a new uptrend. On the BTC chart, it already looks pretty okay — even without the volume.
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Featured Image Credit: Photo via Pixabay.com
