After XRP dropped sharply after 9/25, it continues to form an ascending channel.
At an earlier time, today XRP broke through the weekly Fibonacci resistance 0.236 0.28312, and failed to break the weekly pressure of 0.236.
After that, XRP will have the opportunity to come to the support of the 4H Fibonacci 0.786 0.27328, and try to break after the consolidation.
Back to the 4H Fibonacci 0.786 level, also in the trend line below the channel, there will be two scenarios.
Scenario 1: Go straight to break the weekly pressure and break through the ascending channel upper trend line.
It is recommended that investors can set up a long position if XRP break through the weekly Fibonacci 0.236 resistance.
Scenario 2: After a period of consolidation, down break the ascending channel and complete the daily TF W-bottom pattern.
If there is reverse pattern coming out with no lower-low, the support is between the 4H Fibonacci 0.236 and 0.382.
It is recommended to enter long position In the green box.
The recent event to watch, now is Ripple's annual Swell conference, held on November 7-8 this year.
The past history, there was a wave of rising prices in the two to three weeks before the Swell conference will be held.
This year is the third Swell conference. In the past the Swell 2017 conference, XRP price has risen by 64%.
In the half month before Swell 2018, XRP has risen by 115%.
Now it is already three weeks before this year's Swell conference.
Please pay close attention to the XRP trend in the next three weeks and have the opportunity to drive a new wave of bull markets of XRP.
At an earlier time, today XRP broke through the weekly Fibonacci resistance 0.236 0.28312, and failed to break the weekly pressure of 0.236.
After that, XRP will have the opportunity to come to the support of the 4H Fibonacci 0.786 0.27328, and try to break after the consolidation.
Back to the 4H Fibonacci 0.786 level, also in the trend line below the channel, there will be two scenarios.
Scenario 1: Go straight to break the weekly pressure and break through the ascending channel upper trend line.
It is recommended that investors can set up a long position if XRP break through the weekly Fibonacci 0.236 resistance.
Scenario 2: After a period of consolidation, down break the ascending channel and complete the daily TF W-bottom pattern.
If there is reverse pattern coming out with no lower-low, the support is between the 4H Fibonacci 0.236 and 0.382.
It is recommended to enter long position In the green box.
The recent event to watch, now is Ripple's annual Swell conference, held on November 7-8 this year.
The past history, there was a wave of rising prices in the two to three weeks before the Swell conference will be held.
This year is the third Swell conference. In the past the Swell 2017 conference, XRP price has risen by 64%.
In the half month before Swell 2018, XRP has risen by 115%.
Now it is already three weeks before this year's Swell conference.
Please pay close attention to the XRP trend in the next three weeks and have the opportunity to drive a new wave of bull markets of XRP.