MagicPoopCannon

Ripple — Trying To Kick Down The Door! (XRP)

BITSTAMP:XRPUSD   Ripple / Dollar
Hi friends! Let's check out Ripple! Right away, I see a common theme in the cryptos. They've bounced hard off of the lows, but many of them are approaching heavy overhead resistance. Enter Ripple! We can see that XRP is doing the exact same thing, as it tests the bottom of the head and shoulders neckline. XRP formed a V bottom, bouncing off of the blue support level that I gave you two days ago. We can see that there has been a bullish crossover on the MACD , but volume is falling off of a cliff             . So, we have expanding bullish momentum, but exhaustion developing in this rally. Additionally, if you look closely, you can see that the 200 EMA (in purple) is converging with the neckline, strengthening that level as overhead resistance. Even if XRP breaks above, it will have to immediately contend with the 50 EMA (in orange,) and then the 50% retrace. To be clear, the neckline resistance is do-or-die. Don't be so certain that the bears have tapped out, because if XRP doesn't clear this overhead resistance, the sellers are liekly to come back with a vengeance. A failure at the neckline, will show the bears that we've confirmed it as overhead resistance, and that will be a very negative sign. Pay close attention, to the $1.61 handle!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
excellent analysis...spot on...thank you! grateful for any update Mr MPC. You brings it!
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Sorry...sell or not now....how low will it now go ?
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So sell mow or not?
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Let's see if it can pass the 50 EMA now...
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probably heading to $1.90 and then back to $1.60 for second shoulder of inverse H&S. IMO
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Am I seeing a rising wedge pattern forming right now on the 15min chart, with the apex also at the ~1.61 area? If so is this another argument for the return of the bears?
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adgood4 adgood4
Called it!
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Hi MPC! Great title as always =)

I'm on a -50% margin on xrp now. Was -75%. Has tl sold some to not get called.

What do i need to watch as a signal to rebuy and lower my avgr price again? I'm sitting on 3.67 and i'm not confident that it will ever reach it.
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Hello, do you think that it influences the break of that value of 1.61, which would be the 61.8% retracement from the maximum of $ 3.3 parallel behavior of BTC at the same point from its maximum of 20K that would be $ 12.6k? Both signals would indicate that XRP could recover its previous maxima? Are both currencies correlated? Tks
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all these charts look identical
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