JB from Cheeky Crypto has released a new video discussing the technical analysis of XRP, focusing on the 1-hour, 1-day, and 1-week charts. In the video, JB looks at potential price movements and key resistance levels.
Key Takeaways
- JB emphasizes the need for technical analysis after a period of positive news for XRP.
- On the 1-hour chart, the 200 EMA is a potential level of resistance and support.
- JB suggests a possible downward move to reach a target area, though he is uncertain about the exact path.
- He mentions the use of Elliott Wave Theory to analyze XRP’s price structure.
- Potential price targets for XRP include $0.34 on the downside and $0.42 on the upside.
- On the 1-day chart, JB discusses the wave structure and expected price targets.
- He mentions the stochastic and RSI indicators, noting the volatility of XRP.
- On the 1-week chart, JB discusses key resistance levels and the importance of the weekly close.
Analysis
JB begins by discussing the recent price action of XRP. He notes that XRP has experienced a period of positive news, but he believes that it is important to conduct technical analysis to identify potential price movements.
JB then switches to the 1-hour chart and takes a closer look at the price action. He notes that the 200 EMA is a potential level of resistance and support. If XRP can break above the 200 EMA, it would be a bullish signal. However, if XRP falls below the 200 EMA, it would be a bearish signal.
JB also mentions the use of Elliott Wave Theory to analyze XRP’s price structure. Elliott Wave Theory is a form of technical analysis that attempts to predict future price movements based on historical price patterns.
JB then moves on to the 1-day chart and discusses the wave structure and expected price targets. He notes that XRP is currently in a wave 4 correction. Once the wave 4 correction is complete, JB expects XRP to move towards a wave 5 target of $0.42.
On the 1-week chart, JB discusses key resistance levels and the importance of the weekly close. He notes that the key resistance level is at $0.37. If XRP can close above $0.37 on the weekly chart, it would be a bullish signal. However, if XRP closes below $0.37 on the weekly chart, it would be a bearish signal.
Conclusion
Overall, JB’s analysis suggests that XRP is due for a correction. However, he believes that the correction will be short-lived and that XRP will eventually move towards a wave 5 target of $0.42.
