Valesco_Trading_Group
Long

#XRPEUR has been building up a solid uptrend channel

KRAKEN:XRPEUR   Ripple / Euro
Hello all,

According to XRP prior moves, this is one of the cryptocurrency to pay close attention to this year. We can see this crypto has been building a solid uptrend channel against the euro             and it's likely to break the 4H linear resistance.

Once the linear resistance is gone the next ceiling can be expected at the channel resistance again. That area shows perfect confluence with the measured move as you can see. Before we call yellow bananas the swing high needs to be broken.

Most of you traders know we don't care about fundamentals and in the crypto world this is even more important. It's all about coin strength, team, potential and supply vs. demand.

Good luck!
Comment: As long as the pointed zones stay respected the price is likely to rocket.

You seem to be suggesting its market cap goes greater than BTC?
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Could you keep it updated please?
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@dedalo, The latest update was the last chance for bulls, that support now might become resistance.
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Xrp is in currently in a downtrend.
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@Giorgioversace, Why are we in a ascending channel then my friend?
+1 Reply
Giorgioversace Valesco_Trading_Group
@Valesco_Trading_Group,
Xrp is completely bearish and going down since a few days in case you live in another world.
It is in a downtrend right now mister trader.
Reply
BudBronson Giorgioversace
@Giorgioversace, So you say xrp is in a downtrend because its price has been going down for a few days? Some red candlesticks? Some red numbers on coinmarketcap? Is that all? Oh boy..The bullish trend is still intact, as the STRUCTURE (that's how a trend is defined) has not been broken yet. 1.42€ has been well respected, as you can see on the chart above. Price has been rejected aggressively at this level and altough we saw a small violation of this area for a very short period of time, price spiked up immediately and left us with a strong 4H candle close (bullish engulfing) above this level. Always surprised about how many trading newbies who just signed up on TradingView are absolutely convinced of their own analysis and showing no respect to other people's opinion (who are in most cases already trading for years). @Valesco_Trading_Group I definitely agree with your TA!
+1 Reply
BudBronson BudBronson
@Giorgioversace note that I'm not saying I am 100% right. I was just mentioning the structure and that it is from a technical point of view, utter non sense to state that we're in a downtrend. If however, we got a strong daily close below €1.40 area, THEN we can say that we're in a major trend change.
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@BudBronson, As long as the price holds above 1,5 we are still in a bullmarket. When the retailers get out because of some red days, the institutional buyers step in.
+1 Reply
BudBronson Valesco_Trading_Group
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