XRP has been in a down trend since the 4th of January. Can Ripple recover and continue it’s meteoric rise or will it collapse and leave nothing but a pile of destruction in it’s wake? Only time will tell. Let’s look at what is going on right now at this moment. On the 4 hr
, price is at a double bottom
and trend line
. We are at the 50% mark in the channel which is also lending it’s bit of support. We have a 200 day EMA
which is above the 100 day EMA
showing further bear momentum may be expected. Price is still trading way below. EMA’s have been acting as a resistance point since 1/11. Volume
is very weak right now. We have both strong support at this price and strong resistance not too far away. Given all this information, I am waiting on the sidelines for the market to show me it’s next hand. Trade at your own risk. There might be some short term trade opportunities on the 5 min, 15 min time frames but I am a long term trader and look to enter positions that will last days, weeks, and even months, so I analyze for the longer term. Godspeed my fellow traders and market enthusiasts.