Welcome to this analysis where we are looking at the XRPUSD perspective, especially when looking at XRPs past price-actions and formations there is a high correlation to the situation XRPUSDs is facing now, when looking at this major chart and the previous price-action XRPUSD is not like other coins and the fact that it is existing since way before the other alts makes it more a unique coin to treat individually, the last time XRPUSD has formed a longer consolidation period and sideways market with several smaller rallies within, exactly the same situation was already seen before in XRPUSD before it moved into a heavy protracted and exponentially growing bull-market back in 2017, therefore I detected some important signs within the current structure highly correlating with the previous one and in this case possible to lead to XRPs next major moves.
Triangle-Structure within the Accumulation Channel:
As you can watch in my chart XRPUSD has formed this major first accumulation channel before it finally prooved the breakout and providing the huge bull-market, this channel is marked in blue in my chart and the last weeks and months XRPUSD is building exactly the same structure with the ending triangle within it, this triangle was the determining force in the first one as it consolidated between the lower boundary of the huge ascending-channel, the upper boundary of the accumulation channel and below the 100-EMA marked in blue above which it finally proved the breakout successful. The very same dynamic can also be watched in the chart now as the price already initially touched the lower boundary of XRPS huge ascending-channel this was important to also develop the ongoing triangle within the channel seen now.
As XRPUSD is now forming the very same structure compared to the first one now it is important that this structure also comes to an end and confirms the further moves in the schedule, this consolidation period can therefore go on further the next times before XRPUSD has finally the strength to form a solid breakout. This breakout will be marked as successful when XRPUSD closes decisively above the upper boundary of the channel and above the 100-EMA marked in blue as we can see also then these levels arent taken out since a long time and it will confirm the further risings in the structure, when XRPUSD shows up then with everything as expected this will lead to risings and a test of the higher levels at the end of the day where the next major resistance is the middle line of the channel in which XRPUSD can test its all-time-high.
In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.