Hello traders,
Keeping it plain and simple on the $XRP chart. Since there's not much prior data history on this one I will be analyzing the Weekly and Daily time-frame for long term targets.
So, as you can already tell the last week's bearish movement resulted in XRP breaking below the weekly trend line that was never really been broken before. Which took us to the likes of .25 cents in a single movement and immediately reversed and closed back above the 29 cents baseline.
Even though this looks like XRP is going to continue bleeding, movements like this are very common on the Crypto sphere, so we'll have to look for both long and short term confirmations.
On the weekly, after that huge manipulative spike we anticipated last week, this week's candle closure will be decisive for us to know the continuation of the trend.
If we manage to close above the baseline then we can see XRP continue climbing higher towards the trend-line we just broke.
If we fail to do so then the price will continue to move back and forth in-between 29 and 25 cents, I don't see it to go lower than this because below the 25 support region we don't have enough historical data, which means if we break above this support we could melt towards 19 cents and lower, and that does not look possible and healthy for the market we're in to.
On the daily time-frame upon break below the baseline the price came back up to retest this level. This looks textbook a like "retest and go", but we almost never have a perfect pattern on crypto so this too could be a fake one. That's why I highlighted a mini support region between .256-.26 cents where we could be seeing some manipulative stop hunts and as long as we maintain to stay above this level it will continue going higher. If you want to day-trade this pair, please wait for that spike to this level before placing a long trade thus you'll have a better entry with much tighter stop-loss.
Keeping it plain and simple on the $XRP chart. Since there's not much prior data history on this one I will be analyzing the Weekly and Daily time-frame for long term targets.
So, as you can already tell the last week's bearish movement resulted in XRP breaking below the weekly trend line that was never really been broken before. Which took us to the likes of .25 cents in a single movement and immediately reversed and closed back above the 29 cents baseline.
Even though this looks like XRP is going to continue bleeding, movements like this are very common on the Crypto sphere, so we'll have to look for both long and short term confirmations.
On the weekly, after that huge manipulative spike we anticipated last week, this week's candle closure will be decisive for us to know the continuation of the trend.
If we manage to close above the baseline then we can see XRP continue climbing higher towards the trend-line we just broke.
If we fail to do so then the price will continue to move back and forth in-between 29 and 25 cents, I don't see it to go lower than this because below the 25 support region we don't have enough historical data, which means if we break above this support we could melt towards 19 cents and lower, and that does not look possible and healthy for the market we're in to.
On the daily time-frame upon break below the baseline the price came back up to retest this level. This looks textbook a like "retest and go", but we almost never have a perfect pattern on crypto so this too could be a fake one. That's why I highlighted a mini support region between .256-.26 cents where we could be seeing some manipulative stop hunts and as long as we maintain to stay above this level it will continue going higher. If you want to day-trade this pair, please wait for that spike to this level before placing a long trade thus you'll have a better entry with much tighter stop-loss.
