🌋 XRP [Ripple] Top - Down Analyse by TraderBRO Although the xrp supply is big and some big guys are dumping their coins in the market (non stop) i can not ignore the current state of the altcoin market in relation to XRP.
🥏For the newcomers to technical analysis: in contrast to 90% of TV analysts, I have built up a skill set through 1000h+ chart time and mentorship from major names in the scene that has proven its worth for quite some time. I don't
want to reward myself here, but I would like to point out that you should take a close look at this analysis to understand what price action analysis is really about. Any indicators are a distraction and lag behind the actual price.
🔥In the following now the analysis:
I will start with the monthly timeframe from where I will work my way down to the hourly timeframe. Bigger Timeframes are acting on lower Timeframes pivotal! The reason behind this "phenomenon" is that the developing price action produces supply and demand zones. The higher the timeframe, the longer the period for the "market" to create a strong supply/ demand zone . Google "Supply & Demand zones" to understand the basics of tA (Support-/Resistance Principle)
On the Monthly Timeframe
it is clearly to see that price has reclaimed a pivotal support level on a monthly basis. I drew a down trendline to show that the reclaimed support level ist with a high probability a shit in trend temporary. Furthermore we see a bullish engulfing pattern which gives confluence to my idea.
The Basic of a bullish price trend is a series of higher highs and higher lows -> hence the bullish engulfing is the visualization of a bullish trend on lower timeframes!
