XRP/USD - Testing Key Levels
Diupdate
As anticipated in my previous idea (linked below), XRP is now testing the upper bound of the descending channel formation that it has been trading within for around the past 2 weeks. This is a make-or-break moment for XRP, as much volatility is to come.
If XRPUSD can break the descending channel and maintain price action above this channel, there is much potential for XRP to move to new highs in the 0.50-0.60 range.
If the upper bound of resistance rejects any price action above the channel, the descending channel pattern will continue to be validated and XRPUSD will likely see new lows as the lower bound of the channel will likely be tested in the mid to low 0.30's.
If XRPUSD can break the descending channel and maintain price action above this channel, there is much potential for XRP to move to new highs in the 0.50-0.60 range.
If the upper bound of resistance rejects any price action above the channel, the descending channel pattern will continue to be validated and XRPUSD will likely see new lows as the lower bound of the channel will likely be tested in the mid to low 0.30's.
Catatan
Final Verdict:XRPUSD broke above the descending channel, however it was not with the momentum that was originally predicted in the idea. Thus, while XRPUSD currently trades above the now-invalidated descending channel, a gradual uptrend has been set (for the time being) rather than a parabolic move to the 0.50-0.60 range. A new medium-to-long term pattern is yet to be established.
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