Ripple (XRP) Analysis and Forecast (Oct 4th, 2018): dead cat bounce?

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Regardless of the fact that Ripple has witnessed strongest bounce of 4% among top 20 crypto earlier this morning, this gain cannot withstand against the upcoming bearish pressure

After breaking down through the uptrend pink line, Ripple is extending downtrend established from September 30 with lower highs and lower lows on H1 time frame.

Earlier this morning, Ripple suddenly surged up 5.7% from $0.5200 to $0.5496 within 4 hours. The price is edging closer to the resistant level at $0.5509. This barrier used to be previous support that was breached yesterday. Therefore, it is hardly believed that XRPUSD could overcome this threshold in the short term.

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XRPUSD price chart H1 Oct 4, 2018

In wider time frame on chart H4, MACD indicators shows that the two MA lines are getting closer, while the histogram is getting smaller. Ripple needs more time to collect engine for breakout through either way. At the same time, RSI is at neutral level of 50.0 indicating that neither bull or bear can entirely dominate the market.

If the next one-hour candlesticks close below the $0.5509 level, downtrend is firmly confirmed which will drive XRPUSD down to $0.4569, the next support. Otherwise, in a brighter picture, Ripple will sideway in a narrow range around $0.5509, waiting for further leading signals.

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XRPUSD price chart H4 Oct 4, 2018

Written by nami.today

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