2018-11-13 18:18 |
There were mixed performances yesterday in the cryptocurrency market. Ripple’s XRP was one of the cryptocurrencies which recorded a strong performance, but the rise has come to a halt today.
The price rose yesterday from about $0.495 to an intraday high of $0.525. the price has since retraced and is forming a Doji today. A Doji is a candle where the open is around the same point as the close and shows some indecision from traders.
The key point to monitor on this rise is $0.55. If price can manage to appreciate above this point, it would be forming a higher high and lead to a very bullish market structure. In the event of a drop, a key level of support is around $0.49 which also happens to be just below the point where the 200 EMA is trading.
Both the daily MACD and the RSI are increasing today showing that the momentum is still with the buyers despite the Doji forming today.
XRP Daily Chart – Source: Tradingview.comThe hourly chart shows yesterdays spike followed by a retracement. The retracement met some support at the hourly 50 EMA and may meet this again on the current drop which is taking place. Even though a lower high has formed on the hourly, this is not necessarily a bearish signal given that a lot of the indicators on the longer daily timeframe point towards bullish movements.
XRP Hourly Chart – Source: Tradingview.com Key Takeaways: Doji forming on XRP daily bringing a halt to the rise seen yesterday. Momentum is still with the buyers and the key point to monitor is $0.55. Price surpassing this point would form a higher high and lead to a very bullish market structure. Lower high formed on the hourly and support met at the hourly 50 EMA. The lower high does not necessarily mean future bearish movements given that the daily show’s momentum is still with the buyers. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.XRP Price Analysis: XRP Trades Flat Today After Yesterday’s Rise was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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