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In this analysis, we take a look at XRP's daily chart to assess the bullish and bearish probabilities.
Analysis
- Similar to Ethereum, XRP has been on a parabolic rise without having had any real corrections - Prices have overextended above the envelope indicator - There has been a massive selloff in Aug. 02, and the volume has been decreasing dramatically since - The Relative Strength Index (RSi) is at overbought levels, forming lower highs and lower lows - The Moving Average Convergence Divergence (MACD) shows a potential death cross with decreasing bullish histograms - The Stochastic Oscillator also shows a death cross, close to the overbought regions - However, at the same time, bulls have managed to secure the 0.236 Fibonacci support - Prices are trading above the Ichimoku Cloud, which currently shows convergence with the 0.5 Fibonacci support
What We Believe
In essence, there is no volume to support a continuation of this further uptrend, and technicals suggest a higher probability of a reversal. However, even if a corrective trend plays out, on the bigger picture, the overall bullish trend will remain valid.
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