RE: Quick RIPPLE (XRP) update 10.01.18
The 50 percent decline of Ripple's XRP token from the record highs may have strengthened the bears, but chart analysis indicates further downside may be limited.
The chart (prices as per Bitstamp) above shows:
XRP looks set to test the rising trend line support of $1.50. Dips below the same could be short-lived, given the RSI on 4-hour time frame and 1-hour time frame shows oversold conditions.
Bullish Scenario: A rebound from the trendline support, followed by a close above $2.15 (Jan. 5 low) would add credence to the oversold conditions as shown by the 4-hour and 1-hour RSI and signal further gain towards $3.00–$3.30 levels.
Bearish Scenario: A sustained move below $1.4154 (61.8 percent Fibonacci retracement) could yield a sell-off to sub-$0.50 levels.
Ripple Bulls May Regain soon... @ew-and-patterns
Agreed, but I don't think XRP will go any lower than $1.55. It's over. From an Elliot Wave perspective, its decreasing down to $1.6 was just perfect (exact same level as last correction's deep). here's my POV:
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EDIT: btw, tomorrow DMM japanese exchange will add XRP/JPY as a tradable pair (same for BCH, ETH, etc...). This piece of news has been much awaited by the XRP community as a sign of a broadening implementation of XRP within the crypto landscape, amidst the news in relation with Seagate's investment and banks, etc, welcoming Ripple's know-how more and more.