XRP fizzles out of uptrend

7 lip 2018

A few days ago I wrote about XRP forming a very nice sharp downward sloping bull flag , indicating seller exhaustion and a potential nice break to the upside to the 55 cent area. XRP did wind up breaking out, and on even greater volume than the previous two pumps. Unfortunately, BTC hit a wall that day, creating uncertainty in the general market, and soon after XRP ran out of buyers and it completely fizzled out of its uptrend that had began on the 29th of June. This is confluent with the rising wedge reversal pattern XRP was also forming (teal triangle). It has since bounced off the 618 fib, settling around the 50 fib retracement area. However the measured move from the rising wedge is down around the 44 cent area, below all areas of common fib retracements, indicating potential bearish territory once again. With MACD and RSI oscillators showing strong bearish continuance, it would not be surprising if Ripple plays out this way.