XRP
About + Tokenomics
CoinMarketCap Rank | 7 |
Market Cap | 31B |
Volume 24h | 1.4B |
Total Supply | 99B |
Circulating Supply | 56B |
Chart Analysis
XRP has been trading in an uptrend channel since the beginning of October. Based on the previous drop (beginning of October), the channel can be considered as a bear flag. Accordingly, there is a risk of breaking to the downside.
However, XRP printed a similar patter at the beginning of September. In this case, the price broke to the upside and tackled the long-term resistance.
In case of a break to the downside, XRP can rely on two strong support levels (0.51 and 0.48).
On the other hand, if XRP invalidates the bear flag and initiates an uptrend it must break two significant resistances:
- The first one is the long term trendline, located at ~0.58 at the moment.
- Additionally, 0.64 reflects a strong resistance.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades between EMAs 🔵
- ADX: 11, indicating no trend 🔴
Chart
Trade Setup
At the moment, XRP does not offer a valid trade setup that provides a proper risk/reward ratio. I will continuously monitor the chart and update the setup if necessary.