donmecha

Mr Guin "XRP Sideways action until August"

POLONIEX:XRPBTC   Ripple / Bitcoin
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In my last post on XRP I thought there could be a breakout coming but if it didn't come it would be more likely to see it in August.

We see here on the daily charts that XRP is over sold on the Stochastic daily charts and the bollingerbands are begging to get tight which usually indicates an upcoming breakout. Because with Bollinger bands we can't tell whether it will break out up or down we have to use the help of other indicators. Here again I'm using my favourite methods for checking long or short with the RSI and Stochastic charts.

Looking at the weekly chart as well we can see from the Stochastic chart that it is just entering the oversold mark but our RSI is still well above 50. My thoughts are that our RSI will slowly drop until it enters the oversold zone around the start of August. I will also do a weekly XRP/USDT just to cement my thoughts as the bollingerbands on a weekly chart are quite spread still but are finally starting to go back into a squeeze.

To wrap up my thoughts, XRP will stay in an extended oversold area on our Stochastic charts and slowly move into the over sold area on our RSI charts over the next month. Once that happens I can see a breakout happening.
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