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๐Ÿ“ˆ Daily TA: XRP (XRP/USD) | 11-12-2021

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cryptospa
@cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to comment on the price chart of XRP.

So, in the weekly chart (1W), XRP/USD formed a sequence of three bearish candlesticks with lower maximums and lower minimums, respectively: The sequence of these candlesticks is a signal indicating that the bearish pressure continues. Hower, right now, the price chart is trying to form a small Doji - a candlestick indicating that, now, the market is taking a break and is consolidating.

If we have a look at the daily chart (1D), we can see that, now, XRP/USD is testing the trend line (the uptrend line): So, it seems that this is a critical moment for the uptrend of XRP. To be honest, I am really very curious about how things will unfold, keeping in mind that there is a Symmetrical Triangle if we take into account the border picture.

In order for the uptrend to resume, first, XRP/USD has to receive enough support from the trend line to rebound. Then, initially, in the 4-hour chart (4H), the price has to exit the Descending channel (downtrend) in the upward direction: But, for now, the price continues to fluctuate within the channel. That's why at the moment I would say that the bearish sentiment remains in place, and there is still no bullish signal.

To be continued ...

As of the time of writing, one XRP costs $0,8239 on the Bitstamp crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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