My friends, we are looking at XRP on the daily timeframe and this timeframe is kind of mid-term, sometimes we can look at the daily even short-term.
Why not zoom-out and look at the bigger picture?
We are early in this cycle yet we have a major development happening on this chart.
This is XRPUSDT Weekly
We will do both, the full analysis and also the potential targets... First the analysis.
✔️ This week XRPUSDT is breaking above EMA50, a major development for the bulls. The week is early and this signal only confirms after the week closes above this level, clearly marked on the chart.
✔️ The down trendline coming off the April 2021 peak is being broken as well this week. This is an almost 2 years long downtrend that is being broken, another major development favoring us, the bulls.
✔️ Higher lows have been taking place since March 2020, which means that we are in a long-term growth phase.
✔️ Trading above EMA10 and EMA21 is kind of irrelevant since we are already moving above EMA50.
✔️ We are within higher lows long-term and the June 2022 low was confirmed in January 2023 with a more recent higher low. This is a bullish confirmation.
✔️ All these signals that I am pointing out, all these technical details are simply telling us that a higher high comes next, high probability. Again, the market can crash anytime, everything is always possible but the probabilities are favoring the upside.
There are many resistance levels to face on the way up but the main ones I want to point out are $1.32 and $3.00.
The main target for the full bullish wave that is starting to develop should be above $3, but I am giving you the conservative target as usual.
The main resistance is the 0.618 Fib. extension on the way up and that's $1.32.
Short-term to mid-term we start with $0.687 followed by $0.931 and there you have it.
The blue dashed line on the chart is the support and if this level fails we can get lower prices but the long-term bullish bias remains intact.
If a drop happens but the $0.291 level is not breached then this is an insignificant drop. Any trading above this level is strongly bullish.
Moving below this level would only lead to the next support being tested and then back up.
And there you have it... The full analysis with the long-term conservative targets but you can find more on the chart.
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Thanks a lot for your amazing and continued support.
@AlanSantana, RLCUSDT. To understand whether it's most likely to continue in accumulation and trade sideways for the short-term or if it's ready to move upward yet. Similar to your LINKUSDT analysis you did recently where you showed a clear long-period of accumulation and that it's ready to breakout soon.
- Last week it moved above EMA50 and this week EMA100 and EMA10. - This is happening after 5 weeks of correction and within a higher low. - These are strong reversal signals but the week is still young.
On the daily timeframe you get many more confirmations:
- The high volume yesterday confirms the bullish action that is present in the past 11 days. - The correction low closed in a hammer and Doji and then strong up. - There is also a V shaped recovery pattern.
This is a mixture of recovery signals followed by multiple confirmations.
It is already growing and set to move higher. At this point one would look for an invalidation point since the bulls already confirmed having the upper hand.
If RLCUSDT moves and closes daily below EMA300 ($1.536) you can say the bullish momentum weakens but still there. If it moves below MA200 ($1.36) more weakness but the bullish bias remains intact.
As long as it stays above the 10-March low, the potential is 100% up.
We should see additional growth based on the current chart.
I hope that helps.
Namaste.
franz_william
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Thank for this thorough analysis, I always enjoy reading them and learn a lot from them!
AlanSantana
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@franz_william, It is my pleasure. Thank you for your comment and support. :)
SwallowPremium
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Great overview, we are agree with your think of outcome!!
TheCryptagon
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Thank you for your work! I tottaly agree with you upward trend stared. Have a glance at our viewpoint:
wesselwessels30
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appreciate your work thank you
Skorpi_91
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Thank you for your analysis. And what, from a technical point of view, can you write in a pair of XRP / BTC
Have you done a recent one on RLC yet (or planning to)? Is it ready?