We can see here that on the 4hr chart XRP is about to have a 4hr golden cross. I’m speculating here that price action will dump back down to retest the 50ma(in orange) and/or the 200ma(in blue) as support while simultaneously creating a right shoulder for this potential inverse head and shoulders the candles appear to be trying to paint. Normally I wouldn’t presume an inverse h&s prematurely like this but even though I’m speculating this to be a probable outcome, as always I won’t actually act on it trade wise until I have confirmation that it is actually going to validate the pattern and confirm a breakout from it. If we do confirm a breakout though the measured move target would be around $1.40. If we were to reach that target it would likely create a domino effect that after some corrections and retest allowed us to trigger some much larger pattern breakouts as well leading to higher and higher breakout targets. I feel like 2022 could really be XRP’s year so it would definitely make sense if it did. *not financial advice*
Comment:
Priceaction taking a little dive here. Still very much a valid shoulder though.