Disclaimer: my publications are personal journals for self-education and development, they are not financial advice.
Intended as a short-term analysis, this chart demonstrates that the Elliot Wave market psychology theory is present within XRP, also indicating the possibility of a falling wedge development (however I feel an increase in volume near the tip would be required to substantiate this). We can see consistent bounces off support and resistance lines, signified by the overbought and oversold positions on the RSI. We are currently located at point 3 (also note the oversold position on the RSI), predictions of a bounce to resistance at point 4, potentially followed by a return to support at point 5.
Stop loss set just below support.
Intended as a short-term analysis, this chart demonstrates that the Elliot Wave market psychology theory is present within XRP, also indicating the possibility of a falling wedge development (however I feel an increase in volume near the tip would be required to substantiate this). We can see consistent bounces off support and resistance lines, signified by the overbought and oversold positions on the RSI. We are currently located at point 3 (also note the oversold position on the RSI), predictions of a bounce to resistance at point 4, potentially followed by a return to support at point 5.
Stop loss set just below support.