(XRP) has faced trend line resistance and is now likely to trade sideways before it makes its next big move. The next move could either result in a continuation towards the $0.33 level or a sharp decline towards the bottom of the triangle if falls below the 50 MA on the 4H timeframe. (XRP) is still better positioned for another rally to the upside compared to most . However, the price is close to entering overbought territory against the US Dollar (USD) on the daily time frame. That being said, the weekly time frame does indicate that the price has some room for further upside. This is what puts (XRP) in a different spot compared to most .
In our previous analyses, we have discussed how (XRP) might be a good hedge against (). That situation still remains the same. While () is primed for another decline, (XRP) remains massively oversold against () which means that the price will either have to hold its ground against () or become even more oversold. In either case, this makes it one of the best times to accumulate (XRP) before the next bullish cycle. The price has yet to break out of months long symmetrical triangles against the US Dollar (USD) as well as (). (XRP) has had a reputation for being the quickest to react to market movements but recently we have seen its price action marred by confusion and uncertainty. Both the bulls and the bears seem to be equally confused as to the future price action of (XRP). The fact that it is massively overbought against () has added to this confusion but one thing is clear and that is the fact that (XRP) is due for a major run up against ().
(XRP) has seen the number of margined shorts against XRP/USD decline over the past few weeks but the number of shorts on the XRP/ front have yet to see any significant downside. In fact, the weekly chart for shows that for more than a year now, investors have been more confident expecting (XRP) to come down against (). This expectation now seems to have reached a new high as (XRP) has become massively oversold against () on the weekly time frame.
As the number of margined shorts continues to rise, the sell pressure on XRP/ increases and that is why (XRP) keeps on being massively oversold against (). However, the weekly chart for XRPBTCShorts shows that the ascending triangle that the number of margined shorts against XRP/ has been in for more than a year will soon have to be broken, most likely to the downside. This triangle extends to the end of 2019 which means (XRP) might see its biggest run against () towards the end of the year and surprise the market once again as it leads the next bull run.
Published at Mon, 01 Apr 2019 22:19:20 +0000
