XRP 4H Chart Review
Hello everyone, I invite you to review the chart of XRP in pair to USDT, on a four-hour interval. First, we will use the blue lines to mark the downtrend channel where the price is moving in the upper range.
Moving on, we can move on to marking support areas when we start a larger correction. However, here, after unfolding the Fib Retracement grid, we see that the price is holding a strong support zone from $0.55 to $0.46.
Looking the other way, we can mark two resistance zones, the first zone from $0.58 to $0.63, and then we have the second resistance zone from $0.69 to $0.76, only when we manage to overcome them we can move towards resistance at $0.85.
When we turn on the EMA cross 200, we see that the price quickly returned to the blue line of the moving average 200, which indicates a quick return to the downtrend.
On the CHOP index, we can see that there is a lot of energy for the upcoming move, on the RSI we have a rebound and sideways movement around the middle of the range, while the STOCH indicator starts to turn around, which may indicate a price increase in the coming hours.
Moving on, we can move on to marking support areas when we start a larger correction. However, here, after unfolding the Fib Retracement grid, we see that the price is holding a strong support zone from $0.55 to $0.46.
Looking the other way, we can mark two resistance zones, the first zone from $0.58 to $0.63, and then we have the second resistance zone from $0.69 to $0.76, only when we manage to overcome them we can move towards resistance at $0.85.
When we turn on the EMA cross 200, we see that the price quickly returned to the blue line of the moving average 200, which indicates a quick return to the downtrend.
On the CHOP index, we can see that there is a lot of energy for the upcoming move, on the RSI we have a rebound and sideways movement around the middle of the range, while the STOCH indicator starts to turn around, which may indicate a price increase in the coming hours.
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