After a massive dip, we do see ripple bouncing back towards the bullish side. The market has formed higher highs and higher lows lately, and is tapping the support second time, hence, making it a double bottom from where we can continue moving up to form another high. We will be taking a long from this current position of the support. We can simply take the long position after the breakout and retest.

The descending trendline is on the verge of breaking out for buys, which if validated, will confirm the bullish bias. That being said, we will have to look at the ascending trendline as well, which is being retested by the candles.

There is no retracement indication in this particular setup for ripple.

EMA 50 is bearish but slightly above the current market price action. This indicates that the market has the capacity and tendency to push beyond this EMA 50 and turn the EMA into a bullish once.

RSI is at 45. This is the value for the bearish region and the market needs to tap the over sold region and form a bullish divergence. 

Ripple double bottom

Dec 31 2022

Take Profit +10.73%

Holding time 5d15hr

0.33520

Entry price

0.37118

Take profit price