XRP/USDT: Overextended Peak Analysis 1D (Aug. 08)

2020년 8월 8일

X Force Global Analysis:


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In this analysis, we take a look at XRP's daily chart to assess the bullish and bearish probabilities.

Analysis

- Similar to Ethereum, XRP has been on a parabolic rise without having had any real corrections
- Prices have overextended above the envelope indicator
- There has been a massive selloff in Aug. 02, and the volume has been decreasing dramatically since
- The Relative Strength Index (RSi) is at overbought levels, forming lower highs and lower lows
- The Moving Average Convergence Divergence (MACD) shows a potential death cross with decreasing bullish histograms
- The Stochastic Oscillator also shows a death cross, close to the overbought regions
- However, at the same time, bulls have managed to secure the 0.236 Fibonacci support
- Prices are trading above the Ichimoku Cloud, which currently shows convergence with the 0.5 Fibonacci support

What We Believe

In essence, there is no volume to support a continuation of this further uptrend, and technicals suggest a higher probability of a reversal. However, even if a corrective trend plays out, on the bigger picture, the overall bullish trend will remain valid.

Let us know what you think in the comment section below


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