Looking at our higher timeframe we see XRP is currently flirting with our previous support that lead to the 2017 bull run. This week we saw the price go from $0.28 as high as $0.35, stochastic rsi showing momentum is in favor of the bulls and is looking to cool down.
Taking a closer look at our higher timeframe we see the price has not closed above our previous lower high on Oct 21st at $0.2990. A close above this level indicates our downtrend is over and XRP should continue towards the upside. This week's move to $0.35 was just a sample of what XRP is going to do.
Shifting over to our pattern timeframe we see XRP was rejected on multiple occasions at our $0.35 zone, stochastic rsi showing momentum is shifting in favor of the bears. Expecting price to continue to retrace towards our dynamic support around $0.25. Previous attempts to break $0.35 show price always retraces towards our $0.24-$0.25 zone before making its next move. We know price doesn't always exactly follow previous price action history but it tends to be similar. No signs of entry just yet.
Finally looking at our trigger timeframe we see XRP had a nice drop from $0.30 as low as $0.27, however since then has had a radical rejection from this level. Stochastic RSI showing momentum is showing a possible breakout in momentum and we could be seeing a parabolic move. A 4hour close above $0.2970 activates our trade and we should continue towards the upside, otherwise expecting the price to continue falling towards our $0.25 zone.
