Hi friends! This is an urgent update on Ripple! Looking at the four hour chart, we can see that it has jumped above the 200 EMA
(in purple,) the 50 EMA
(in orange,) and the neckline of the head and shoulders
pattern. The second candle back is a hammer
, and the current candle remains above the resistance level
. If this level holds, and price doesn't break back below, this is confirmation that the bulls have put in a short-term bottom. XRP has broken above significant overhead resistance, and the bulls are starting to show real signs of life. I want to stress, though, that a breakdown back below the neckline, would signal a failed breakout attempt, and a potential bottom would be off of the table. Ideally, the bulls need to start heading higher, and get above the next overhead resistance at the 50% retrace. After that, XRP could have a nice run up to the 38.2% retrace, at $2.15.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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