Quickpost: Watch the 100 Week EMA

This is about as simple as TA can get. This is on Kraken, which shows this relationship the best but since the 100 Week EMA looks different for XRP due to price differences on exchanges this will be hard to snipe an target that looks the same across various exchanges

The 100w EMA was resistance for over a year and when it was broken price action consolidated above it quickly around November 20th. Then the massive explosion upward The triangle is scrunched on the main chart so here it is on a lower time frame. A key point of this triangle is after the first break price action attempted to rally and then failed, turning previous support into resistance.

A bullish resolution of this break out would be price action finding support on the 100W and then we continue to the upside looking for a fib extension of whatever low we end up getting. Something like below

If price can't maintain support on the 100 EMA then it is bad news for the bulls. A secondary target would be the rising trendline. My most prefeed outcome would be price lands gently on the 100EMA and then consolidates for a few months sideways and then hits my upward trendline so I can fill my bags before lift off.

Comment:

Price action has dropped rather dramatically to the week 100 EMA and even lower to the 50, which was below the 100. Price action was so volatile that the 100 and 50 and not crossed bullishly yet.

I remain optimistic on XRP as a long term hold against BTC and ETH.