XRP broke up the upper limit of the falling wedge on daily and weekly charts. It is not a decisive breakout yet.
Observe: when prices "move out of a Falling Wedge, they are more apt to drift sideways or in a dull 'saucering-around' movement before they begin to rise" (Technical Analysis of Stock Trends, Edwards - Magee, Bassetti).
On the present case (XRPUSD), we have two more points to consider:
Adittionally, XRP is being negotiated in a narrow uptrend channel that is about to be broken (see related ideas).
Let's observe carefully the chart and wait for confirmation of the trend.
Observe: when prices "move out of a Falling Wedge, they are more apt to drift sideways or in a dull 'saucering-around' movement before they begin to rise" (Technical Analysis of Stock Trends, Edwards - Magee, Bassetti).
On the present case (XRPUSD), we have two more points to consider:
- we have a strong resistance zone (or congestion zone) between 0.29 and 0.33 (this has been proved to be a strong congestion zone since the launch of the token) and;
- a downtrend line formed by the peaks of sep. 17, 2018 and jun. 17, 2019.
Adittionally, XRP is being negotiated in a narrow uptrend channel that is about to be broken (see related ideas).
Let's observe carefully the chart and wait for confirmation of the trend.
