XRP has been under strong correction with several successive submerged crossovers. The last one coincided with a bearish candle, reinforcing the bear flag.
Right now we’re at the bottom of Bollinger Bands with a candle that has everything to close bullish, but we still have room to go down some more before the reversal. In the very short-term, we’re likely to have a slight climb.
Let’s take a look at each indicator of our setup…
RSI – We’re not yet at oversold levels, but in the broader context it looks like we’re already on the rise in the Relative Strength Index. So, it’s very possible that we’ll not go down to oversold levels in the short-term.
Stochastic RSI – Although it’s pointing down, it seems more that it will rise to overbought levels than continue the decline in the short-term.
Stochastic – We’re virtually already at oversold levels, which reinforces a likely rise in the very short-term.
MACD – The blue line is below the red line, but it seems to rehearse a timid reversal.
XRP, also known as Ripple, has passed for a crash and is still experiencing it. But we can already feel the approach of the bottom.
Conclusion: If you’re thinking about buying XRP, we recommend that you wait for an emerged crossover, which has not happened for some time and should finally indicate a trend reversal. Also, watch the Stochastic (Stoch) closely and don’t buy if it’s at overbought levels (80) or close to that. In the buying position, oversold levels are essential for a safer margin. Psychological and mindset are also indispensable… don’t get carried away by emotions and don’t despair if a temporary reversal happens. On the other hand, it’s important to define a stop loss in your trades… especially in pairs under turbulent phase like this one. We’ll let you know when an important emerged crossover occurs. Stay tuned for future updates!