Welcome to an XRP analysis
Have not done one for a while, so i'll start with the observations:
- Price coiling within a wedge pattern
- Forming strong support at the 4100sat range
- This is concurrent with its previous reversal point
- However, notice that price action does not follow the surge of volume
- No clear divergence pattern forming on the RSI as per previous run up
- Check this with the MACD (no divergence detected)
My take is that a full blown explosion is not as likely to occur, but rather a smoother consolidation and reversal pattern IF 4100 sat proves as a strong critical support level. Price action will need to bounce off this level, break out from the wedge and maintain higher highs.
The Risk Reward Ratio is indeed favourable on this one, but don't be expecting a 10x return overnight.
Have not done one for a while, so i'll start with the observations:
- Price coiling within a wedge pattern
- Forming strong support at the 4100sat range
- This is concurrent with its previous reversal point
- However, notice that price action does not follow the surge of volume
- No clear divergence pattern forming on the RSI as per previous run up
- Check this with the MACD (no divergence detected)
My take is that a full blown explosion is not as likely to occur, but rather a smoother consolidation and reversal pattern IF 4100 sat proves as a strong critical support level. Price action will need to bounce off this level, break out from the wedge and maintain higher highs.
The Risk Reward Ratio is indeed favourable on this one, but don't be expecting a 10x return overnight.