Our analysis of Ripple (XRPUSD) finds the coin at an interesting point in time. Unlike the major, top ten altcoins that are currently sustaining a bullish price surge and trading above major monthly chart resistance levels, Ripple’s XRP shows deep rejection of the earlier bullish thrust as the bullish campaign fail to increased bearish pressure. Read on for more insights into these technical patterns in our latest technical analysis…
Technical Analysis of Ripple XRPUSD: Monthly Chart
The first effort toward a bullish trend was signalled at the closing price of September 2018 by a bullish Fakey setup as highlighted in this chart. In what looks to be a concluding decline for XRP, the bears flagged a double bearish accumulation set. The price of Ripple (XRP) doesn’t seem to follow the same trend of rallying from early April, which is currently being enjoyed by most altcoins. The price is still trading below the 0.4050 and 0.46669 resistance levels.
Technical Analysis of Ripple XRPUSD: Weekly Chart
Following a consecutive fall of bulls on November 19th 2018 and January 7th 2019, the XRP price started bottoming, flagging a break of bearish accumulation on December 17th 2018 and April 1st 2019. The bulls confirmed their strength by the double bullish accumulation pattern on March 11th 2019 with decisive support at 0.29521.
Technical Analysis of Ripple XRPUSD: Daily Chart
Bearish accumulation patterns signalled on January 30th and February 18th could not maintain their spot after a strong price slump from a double bearish accumulation on January 12th & 20th 2019. They immediately gave way to pushing bullish pressure, as the time series chart entered into higher oscillatory periods. The formation of bearish accumulation and breakdown of hidden bullish accumulation pattern on Apr 9th 2019 issued a more recent decline in the XRP price.
Technical Analysis of Ripple XRPUSD: 4-HOUR Chart
On April 16th 2019 00:00 a bullish regular divergence pattern was signalled simultaneously on the 4-Hour chart of the XRPUSD following a breakdown of bullish accumulation on April 10th 2019.
A dead cross of the MACD on April 19th suggested a weakening of bullish presence.
A possible formation of bullish accumulation patterns or breakout of bearish accumulation may serve as major pointers for establishing an end to the trend retracement. It is also worth mentioning that trading with a protective stop cannot be overemphasized when entering long or short positions.
Technical Analysis of Ripple XRPUSD: 2-HOUR Chart
The above 2-Hour chart shows an intraday volatility oversold from an intraday viewpoint, which was stopped in its tracks by a breakout of bearish accumulation on 15th April 2019 22:00. On 17th April 2019 10:00, the pair signalled another breakout of bearish accumulation for about 7.06% increase from the breakout point.
A breakout of bearish accumulation on 19th April 2019 18:00 happen to signal an end to the bearish price correction that started on 18th April ’209 08:00.
Conclusion and Projection – Technical Analysis of Ripple
Entering the weekend of April 20th 2019, the XRP continues to show bearish sentiment on the daily chart as the price breaks below bullish accumulation support at the closing bar of April 19th. The weekly chart also shows the price retrace towards the double bullish accumulation of 11th March 2019. The monthly time frame on the other hand still trades below the critical monthly resistance levels which are a huge sign of bearish presence.
However, a formation of bullish sentiment in the form of bullish accumulation or breakout of bearish accumulation on the daily, weekly or monthly charts should resume the confidence to go long. In other words, it may take a while before the XRP price closes beyond the monthly resistance levels mentioned above.
If you are interested, feel free to check out our XRP Technical Analysis: Is XRP Price Performance Decoupling From the Rest of the Market? article and/or the Best Price Predictions for Ripple in 2020.