XRP Bullish wedge & Trendreversal?

Welcome fellow Tradingviewers,

In this analyses we are going to show you our view on the current market situation for Ripple.

As a lot of our members and followers know, we are usually against buying shitcoins like XRP, but hey when opportunity arises we need to take place in the action.
The XRP chart was one of the best looking charts a week ago and below we will describe what we see, saw and plan to do with this cryptocurrency.

We will be analysing XRP using a top-down strategy, including candlestick patterns, indicators and price patterns.

- The last monthly candle closed as a bullish engulfing one.
- This was the first bullish sign for XRP in a long time.
- The MACD is showing bullish signs (for as far as it is to be seen)

- The last weekly candle closed as a bullish engulfing .
- We can see that we broke out of the bullish wedge .
- We closed just above the 50MA
- The MACD has formed a bullish divergence and seems to be breaking out at the moment.

- Last 3 daily candles were bullish engulfing candles, demolishing all Ma resistances.
- This daily candle is also looking like it is going to close as a bullish engulfing one.
- We can clearly see the bullish wedge from this timeframe therefore we present the chart for you from the daily.
- Testing the 2800 resistance.
(- Possible golden cross in +/- 3 days)

In summary:
We can see clear distribution against the wedge resistance which lead to this massive price increase.
We are now at TP 1 for the bullish wedge , the other TP's can be found around 3K, 3.2K and 3.6K.
Bullish wedges are known reversal patterns and often outperform their targets, therefore 4K resistance could be touched in this next month.
Dont forget the XRP army, if the FOMO begins, other altcoins keep rising and Bitcoin keeps rising things could go really fast and TA might get difficult.
This might be the bottem for XRP atleast for the short term.

The monthly close gives XRP bullish momentum for the longer term, which is confirmed by the weekly and Daily timeframe .
The XRP chart is one of the most bullish in the crypto space ATM and if you disagree and need us to review a coin, drop them in the comments!

This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!

Kind Regards,
Frank | Forallcrypto


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