Fast take:
XRP has continued to lose worth even with the success of the Flare Networks snapshotXRP’s $0.50 and $0.48 help zones have been misplacedIn keeping with MagicPoopCannon, $0.45 is the extent to look at since it’s the 0.618 retrace of the latest surge to $0.80$0.45 can be roughly across the 16 retracement of XRP’s 2015 bear cycleThere may be additionally a hidden bullish divergence on XRP’s 4-hour MACD
XRP’s Flare Networks snapshot on the 12th of December went on as deliberate with buyers optimistic that the undertaking will ship on its DeFi mission in addition to the airdrop of Spark Tokens (FLR) subsequent 12 months.
Nonetheless, the value of XRP has been on a downward trajectory since posting a 2-year excessive of $0.80 on the 24th of November. On the time of writing, XRP is buying and selling at $0.474 after shedding each the $0.50 and $0.48 help zones.
XRP’s $0.45 is the Assist Degree to Watch
In keeping with crypto analyst MagicPoopCannon, the subsequent help degree to look at is $0.45 because it coincides with the 0.618 retracement degree from the latest transfer up, and the 16 retrace of the 2015 bear cycle.
At a minimal, I’m on the lookout for worth to retrace to the 0.44-0.45 degree, which corresponds to the 61.8% retrace, in addition to the 16% retrace of the 2015 bear market, which I’ve recognized as a particularly essential degree in earlier analyses. As you may see on the chart, these two ranges are proper on high of each other, proper on the 0.45ish vary.
Magic additionally defined that this degree is important for XRP and shedding it’ll end in a ‘extra vital decline.’
If that degree breaks, I believe XRP might expertise a extra vital decline, however as of now, I believe that’s the technical worth degree to look at. General, I consider this can possible be a brief to medium time period consolidation earlier than we return to the upside.
Hidden Bullish Divergence on the 4-hour MACD
With respect to the present downward development by XRP, Magic identified that it was a results of a breakdown of the symmetrical triangle earlier recognized. Nonetheless, the 4-hour MACD provides some hope within the type of a hidden bullish divergence for XRP.
…there’s a hidden bullish divergence right here on the Four hour MACD . You may see that the MACD is forming decrease lows, whereas worth is forming larger lows (significantly relating to the lows of November 26th and December ninth.)
Under is Magic’s most up-to-date XRP chart mentioning the hidden bullish divergence on the 4-hour MACD.
