AhmedAlii
Short

XRP hit the roof ?

BITFINEX:XRPUSD   Ripple / U.S. Dollar
First off, XRP has been performing very well since the 09/04 and this recovery was well needed. Im receiving a lot of people messaging me saying should i buy XRP ? Im pro XRP in the long run, i hold a ton of XRP and it lies in my best interest that the price of XRP increases. However, the reality is its probably not the best time to buy XRP yet until we receive further confirmations.

The first confirmation is that we will need to break above 0.75$, this is an area which we will see heavy resistance at. Not just that, the trendline acting as resistance, which is helping us form a wedge will post likely meet price once again at exactly that point. RSI also seems to be extremely overbought on the 4hr time frame for now. But as drawn on the RSI , if we break this line, to the downside which XRP seems to be using as some form of support through this whole bull run, we will see price move to the downside heavily. The break of this line will only occur once we have reached 0.76 and the rejection from that zone occurs.

What will this lead to ?

Possibility A : We move downwards to 0.66$, which we may meet some form of support, as historically bulls have come in at this price.

OR

Possibility B: We move even further down to .55$ again, and this will occur once support at 0.66$ is smashed. RSI should at that point go back to 0.50 level where it has historically found resistance, but i believe we will now see support at that level as we will also be meeting the blue trend line which has commonly been used as support on RSI .

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