Ripple has been in a bearish trend till recently, it formed a lower double bottom on the support level which needs to be evaluated for the bullish pattern to be continued to move up. Although, the whole crypto industry seems bearish at the moment but XRP being the financial system crypto still has the potential to continue moving up. 

The descending trendline has broken out for buys and the price action has also validated the breakout buy. After the breakout, market has already retested the double bottom.

There is no retracement level on this pair as the market has completed its for wave towards the support level at the double bottom.

EMA 50 is bearish and on the pull back upwards, we can also book the profits at the retest of this EMA 50.

RSI is at 32. It needs to dwell down towards the over sold region from where the market can align with the technical factors to continue moving up.

Ripple forming double bottom at 0.4900

Sep 03 2023

Stop Loss -4.61%

Holding time 3hr

0.48910

Entry price

0.46656

Stop loss price