XRP - to be or not to be.
Hello traders,
Since BTC is moving in sync with our prior analysis, I wanted to do an update on XRP.
Here you have a side by side Weekly and Daily time frame of
XRPUSD pair. On this pair we have to pay attention to two key level, the baseline of 29 cents and the resistance of around 36-37 cents. These two levels are hugely respected on the weekly time-frame, especially the baseline which correlates with the ascending trend line that was covered on the previous XRPUSD article, that seems to be pretty strong after multiple retests and actually acted as a catalyst for many major upside pushes.
Judging by what I mentioned above and the historical price action, as you can already tell the XRP price is just above the trend-line moving in a box which I'd like to call the Accumulation Area, which appears to be a perfect opportunity for accumulation before it replicates another spectacular push to the upside.
Another important thing that needs to be covered is the 42 cents area which correlates with the weekly descending trend line which I believe to have the same importance as the ascending one. Thus, this level would be our second upside target for XRP on the weekly time frame.
The first target as you already may know would be the 36-37 cents - the key level that was mentioned above which currently appears to be a huge level of resistance.
Taking it down to the Daily, as you can see this level correlates with the 200 EMA that's why I believe this could be our first upside target for XRP.
The interesting fact on the daily is the unfolding bearish flag triangle which still needs a confirmation until we know for sure if its going to happen.
Even though on the weekly XRP looks extremely bullish, based on the 68% BTC dominance we could see alts bleed short term, if this confirms and XRP does bleed short term, we could see 29 cents baseline being retested once again on the daily.
Keep in mind that this pattern is still unfolding, we need a confirmation before jumping in. If this fails to confirm then by all means 200 EMA would be our target.
Since BTC is moving in sync with our prior analysis, I wanted to do an update on XRP.
Here you have a side by side Weekly and Daily time frame of
XRPUSD pair. On this pair we have to pay attention to two key level, the baseline of 29 cents and the resistance of around 36-37 cents. These two levels are hugely respected on the weekly time-frame, especially the baseline which correlates with the ascending trend line that was covered on the previous XRPUSD article, that seems to be pretty strong after multiple retests and actually acted as a catalyst for many major upside pushes.Judging by what I mentioned above and the historical price action, as you can already tell the XRP price is just above the trend-line moving in a box which I'd like to call the Accumulation Area, which appears to be a perfect opportunity for accumulation before it replicates another spectacular push to the upside.
Another important thing that needs to be covered is the 42 cents area which correlates with the weekly descending trend line which I believe to have the same importance as the ascending one. Thus, this level would be our second upside target for XRP on the weekly time frame.
The first target as you already may know would be the 36-37 cents - the key level that was mentioned above which currently appears to be a huge level of resistance.
Taking it down to the Daily, as you can see this level correlates with the 200 EMA that's why I believe this could be our first upside target for XRP.
The interesting fact on the daily is the unfolding bearish flag triangle which still needs a confirmation until we know for sure if its going to happen.
Even though on the weekly XRP looks extremely bullish, based on the 68% BTC dominance we could see alts bleed short term, if this confirms and XRP does bleed short term, we could see 29 cents baseline being retested once again on the daily.
Keep in mind that this pattern is still unfolding, we need a confirmation before jumping in. If this fails to confirm then by all means 200 EMA would be our target.
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