After blood day on 16 Nov, BTC seems to have catastrophic affect towards alt coins. Ironically SPX which solely depends on FIAT currency were also drown down after 6 years steady bullish trend. XRP is the only coin that bounce right back after BTC falls.
So lets get back to TA
As we know usually alt coins price index are align with BTC price due to its main tradable exchange. But today XRP is different. XRP seems to have solid foundation on support level which gradually increased (shown in red diagonal line), therefore creating a bullish trend in 3 red triangles, The first bullish triangle occurred on end September with 90% price increased (0.7) . Second Bullish appeared on mid October with 30% increased (0.49). Follow up by 3rd bullish increased around 20+% (0.55). The bearish trend shown above reduced gradually. The final bullish phase which state current condition with 17% increased (0.53).
Projection for end 2018 indicated that bearish wave cycle will happen based on RSI oversold condition with 0.45~0.49 support line. Including MACD & volume signal showing exhausted long trend.
So as conclusion I'm still very bullish on XRP in a mid-long term play. Q1 2019 to be exact.
So lets get back to TA
As we know usually alt coins price index are align with BTC price due to its main tradable exchange. But today XRP is different. XRP seems to have solid foundation on support level which gradually increased (shown in red diagonal line), therefore creating a bullish trend in 3 red triangles, The first bullish triangle occurred on end September with 90% price increased (0.7) . Second Bullish appeared on mid October with 30% increased (0.49). Follow up by 3rd bullish increased around 20+% (0.55). The bearish trend shown above reduced gradually. The final bullish phase which state current condition with 17% increased (0.53).
Projection for end 2018 indicated that bearish wave cycle will happen based on RSI oversold condition with 0.45~0.49 support line. Including MACD & volume signal showing exhausted long trend.
So as conclusion I'm still very bullish on XRP in a mid-long term play. Q1 2019 to be exact.
