XRP is trading on a red 4 according to the TD Sequential trading method. Last week the red 3 went below the wick of the previous candle which alerted a longer-term sell signal.

However, the price swiftly moved back into the range. The bad news is that XRP did make another weekly lower close since January 2021 and still have not retested the 21EMA. A bullish view would be that XRP is forming a floor at R9 with a long wick on the candle from 3 weeks ago indicating some strength.

Something to note is the drop in trading volume with last week being the lowest traded week since October 2020 (not on this chart). The job of a trader is to make decisions with incomplete information and if the price had to go up from here the long wick candle from 3 weeks ago would have signalled a bottom. It is difficult to keep making a bullish case whilst the price is getting hammered week after week.

 

 

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