Hi there all. It is now visible that the XRP's latest move from $0.42 to $0.28 was tactical in general. This statement is based on the wave trend and RSI indicators. Our worst-case scenario was $0.22 when we were in February and the XRP was around $0.75 and we have touched $0.28 so far.
Hidden Bullish Divergence
XRP in the 4H Chart, as well as the Daily chart, now indicates a hidden bullish divergence. But what does that mean? Well, it means that while XRP is being sold while she is getting stronger. Let's check out the below Technical Analysis Chart:
XRP considering the above support and resistance levels will first try to break the $0.35 area. $0.28 will be the first support level.
As clearly seen above RSI chart represents that the support and resistance triangle is broken in the 4H Chart and being re-tested.
A similar structure could be also observed in the Daily Heikin-Ashi Charts below:
RSI is getting stronger while the price is dropping from 40 cents to 30 cents. Currently, it is expected that XRP to proceed towards $0.35 - $0.42.
We need to see $0.42 daily candle closes above this level to talk about the reversal.
We have discussed here previously the possible run towards $0.66 although the monthly RSI and Wave Trend are still gathering strength.
The current scenario seems positive although we see immense red in the current market conditions and we are awaiting the Weekly indicators to turn positive where the expectation is increasing with the daily and 4H chart indicators.
As always, Important Note: None of the targets represented here is financial advice. Do your research in due diligence and take responsibility for your actions when buying or selling an instrument.