XRP/USDT: Overextended Peak Analysis 1D (Aug. 08)
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
Trade Safe.
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
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
Trade Safe.
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