Ripple (XRP) Bounces But Is It Enough?
Ripple has been in a pretty rough downtrend on the daily chart and the only hope for the bulls was the falling wedge and perhaps an RSI oversold bounce.
The RSI was hovering around the oversold area for 4 days before the bulls finally took over and followed up with quite a nice 6% surge. Right now the 12 day EMA is proving to be a tough resistance and the price has been rejected from it.
The 4-hour chart could be forming a nice bull flag which bulls certainly need. This recent move only happened in a span of 2 hours and bulls definitely need to see continuation since the volume isn’t too great.
The weekly chart is also in a Falling Wedge and the current candlestick for this week is almost a nice hammer candlestick, a bullish candlestick. If the bulls are able to push the price a bit further, it could be a really great comeback as we would very likely break out from the wedge too.
The monthly chart it’s not looking so great for XRP and the bulls are trying to hold the price above $0.282 (currently trading at $0.2807)
The RSI was hovering around the oversold area for 4 days before the bulls finally took over and followed up with quite a nice 6% surge. Right now the 12 day EMA is proving to be a tough resistance and the price has been rejected from it.
The 4-hour chart could be forming a nice bull flag which bulls certainly need. This recent move only happened in a span of 2 hours and bulls definitely need to see continuation since the volume isn’t too great.
The weekly chart is also in a Falling Wedge and the current candlestick for this week is almost a nice hammer candlestick, a bullish candlestick. If the bulls are able to push the price a bit further, it could be a really great comeback as we would very likely break out from the wedge too.
The monthly chart it’s not looking so great for XRP and the bulls are trying to hold the price above $0.282 (currently trading at $0.2807)
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