XRP has been low key for too long. Breakout coming.
Many alts have seen 50-100%+ gains since BTC exploded on April 1st. XRP/BTC however, has dropped 25% since then.
I've been closely monitoring the price action over the last month and I believe XRP has been quietly accumulating and is getting ready for a breakout.
The XRP/USD chart was looking strong when BTC had its breakout but for most of April the trading has been trending downward with no clear indication of what it will do next.
For that reason I analyzed the XRP/BTC chart and it paints a much clearer picture.
Right now XRP/BTC is trading above the .236 Fib in white, which is a strong support when using the full price range. There's multiple potential baseline supports that would be validated with a reversal at these levels while coinciding with the .236 Fib reversal. XRP has demonstrated it isn't afraid to go against the grain if BTC drops.
In April, XRP was consistently in oversold territory according to the RSI and the MACD has indicated a bullish crossover with significant upside potential. I'm hesitant to make trades based off of those indicators alone, however when the RSI is oversold and the MACD is showing a bullish crossover, the likelihood that the RSI is going to move upwards is favorable.
XRP is one of those tokens that can be frustrating to long term holders because while everything is speculative and other alts are having 50-100%+ returns (with no real rhyme or reason TBH), XRP kinda drags along and has been known to drop even with positive news.
That said, when XRP takes off the word parabolic comes to mind.
Currently we're trading in the green oval and it's an ideal zone to accumulate XRP. The red circles are target sell zones based upon horizontal support turned resistance (teal), upper trend lines (orange and green), a cross section support/resistance (yellow) and the .382 Fib level (white).
I don't believe XRP is going to go parabolic (over $1 USD) in the next 90 days but I would anticipate it reaching anywhere between $0.40 - $0.78 before a reversing and retesting the thickest green baseline.
I've been closely monitoring the price action over the last month and I believe XRP has been quietly accumulating and is getting ready for a breakout.
The XRP/USD chart was looking strong when BTC had its breakout but for most of April the trading has been trending downward with no clear indication of what it will do next.
For that reason I analyzed the XRP/BTC chart and it paints a much clearer picture.
Right now XRP/BTC is trading above the .236 Fib in white, which is a strong support when using the full price range. There's multiple potential baseline supports that would be validated with a reversal at these levels while coinciding with the .236 Fib reversal. XRP has demonstrated it isn't afraid to go against the grain if BTC drops.
In April, XRP was consistently in oversold territory according to the RSI and the MACD has indicated a bullish crossover with significant upside potential. I'm hesitant to make trades based off of those indicators alone, however when the RSI is oversold and the MACD is showing a bullish crossover, the likelihood that the RSI is going to move upwards is favorable.
XRP is one of those tokens that can be frustrating to long term holders because while everything is speculative and other alts are having 50-100%+ returns (with no real rhyme or reason TBH), XRP kinda drags along and has been known to drop even with positive news.
That said, when XRP takes off the word parabolic comes to mind.
Currently we're trading in the green oval and it's an ideal zone to accumulate XRP. The red circles are target sell zones based upon horizontal support turned resistance (teal), upper trend lines (orange and green), a cross section support/resistance (yellow) and the .382 Fib level (white).
I don't believe XRP is going to go parabolic (over $1 USD) in the next 90 days but I would anticipate it reaching anywhere between $0.40 - $0.78 before a reversing and retesting the thickest green baseline.
Trade active:
I used this chart to get a better idea of what XRP/USD would do next. Here's the XRP/USD analysis:
Trade active:
The explanation of the chart is important, please don't look at the thumbnail, see a straight shot to $0.78 and assume that's where it's headed because there's quite a bit of resistance to overcome.
