XRP: USD/XRP (XRP=) Bounces off the $0.45 Price Area

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XRP
Ticker: XRP=
Price: $0.5862

XRP Outlook

XRP’s impressive 24-hour journey, has its genesis at the local bottom of $0.435 set early yesterday, December 16th. After the dip to this level, XRP recaptured the $0.45 support zone that had been highlighted by crypto analyst MagicPoopCannon. Magic had identified it as a crucial level that would determine the short-term fate of the remittance coin.

XRP has since experienced a local high of $0.58 signifying a 33% increment from the aforementioned local bottom. At the time of writing, XRP is trading at $0.562 in what looks like consolidation in preparation for a second push up.

XRP is the only top coin down over the last 7 days. While that might sound negative, it had a very healthy retrace exactly to the 61.8% mark, after a powerful rally to about 0.90. XRP could explode higher, if the market continues to march higher as a whole.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 0.73.

The projected lower bound is: 0.46.

The projected closing price is: 0.59.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 64.6322. This is not an overbought or oversold reading. The last signal was a sell 23 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.09. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 19 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.

Rex Takasugi – TD Profile

FOREX XRP= closed up 0.000 at 0.586. Volume was 69% below average (consolidating) and Bollinger Bands were 21% wider than normal.

Open    High    Low     Close    Volume
0.586   0.598   0.551   0.586    33,851
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period    50-period    200-period
Close:           0.55         0.43         0.29
Volatility:      164          166          100
Volume:          161,377      140,975      89,960

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX XRP= is currently 105.5% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

Our volume indicators reflect volume flowing into and out of XRP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on XRP= and have had this outlook for the last 3 periods.

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