Hey friends, hope you are well and welcome to the new update on XRP.
In my previous post, I showed that the price action of XRP has formed a bullish butterfly and finally the priceline took bullish divergence from the potential reversal zone of Butterfly pattern and produced a more than 47% rally.
Previous idea:
On the weekly chart the price action of XRP formed a bearish BAT pattern and after the completion dropped upto 0.50 Fib level.
On the same weekly chart the priceline of Ripple has also formed an uptrend line. This uptrend line is working as a strong support for the candlesticks. This time the price action is again likely to bounce from this support.
The XRP has also formed an up channel on daily chart. And reached the support of this channel.
In Bitcoin market the priceline of XRP has also completed the bullish BAT pattern and entered in potential reversal zone.
Conclusion:
As the priceline is at the support of channel on daily chart and at the support of an uptrendline support on weekly chart. At the same time the price action has completed a harmonic bullish BAT move. Therefore we can expect a rally to the upside from here. But the PRZ level of this harmonic BAT should be used as potential reversal zone to minimize the risk factor.
In my previous post, I showed that the price action of XRP has formed a bullish butterfly and finally the priceline took bullish divergence from the potential reversal zone of Butterfly pattern and produced a more than 47% rally.
Previous idea:
On the weekly chart the price action of XRP formed a bearish BAT pattern and after the completion dropped upto 0.50 Fib level.
On the same weekly chart the priceline of Ripple has also formed an uptrend line. This uptrend line is working as a strong support for the candlesticks. This time the price action is again likely to bounce from this support.
The XRP has also formed an up channel on daily chart. And reached the support of this channel.
In Bitcoin market the priceline of XRP has also completed the bullish BAT pattern and entered in potential reversal zone.
Conclusion:
As the priceline is at the support of channel on daily chart and at the support of an uptrendline support on weekly chart. At the same time the price action has completed a harmonic bullish BAT move. Therefore we can expect a rally to the upside from here. But the PRZ level of this harmonic BAT should be used as potential reversal zone to minimize the risk factor.
