Market dumped to premium support/demand level at the price range of 0.5800-0.6000. This range has a strength to continue the trend upwards. It should be noted that the lower time frame trend on Ripple is bearish whereas on higher timeframe, the market is still bullish. Based on the bias of the higher time frames, we are engaging in the bullish sentiment and looking to go long at the price of 0.580. From here onwards, we do see a 11% potential reward at the resistance level.

The two descending trendlines have been formed. Once market begins to move up, there is a potential for the market to break the trendlines as a breakout buy and continue going up after the retracement.

The retracement level at the 100% is in confluence with the support level, where we are looking to go long. This retracement level also has a time frame confluence of daily and weekly level.

Both the EMA’s are bearish, which just turned a bearish death cross. After the breakout sell of the EMA 50, market was unable to retest the EMA 50 and EMA 200. This unfinished retest needs to be fulfilled by the retest, which to the contrary, means that the market has to move up to retest either of the EMA’s. The retest may also be our profit target for the Ripple.

RSI and CCI, both are heading back to the neutralized levels after tapping the extended over sold region. RSI at 32 and CCI at -200. Once market starts to move towards our buy region, we may see a slight dampening of the oscillators towards the downside, which can also form a divergence buy for the market.

Double bottom formation on Ripple

May 01 2022

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