Hello My Dear Traders Investors And Community, In my research regarding the third most popular cryptocurrency named ripple I found some exponentially important and worthwhile factors playing into the forecast I determine today regarding the next days and weeks. Fundamentally we are in the crash now and the fears of a big worldwide recession are going on, but it is also the fact that many countries are recovering slowly from the first shocks of the coronavirus fears and building financial and economical helping-systems to protect companies and the economy at all, that's why I am expecting a recovery and slow up-side potential which I already mentioned in past ideas of mine, I made an important subject about this on tipple explaining the middle to long term situation and the big picture contributing to me, I highly recommend to you to have a look into it, the analysis today will build a logical follow and coherent structure to the recent XRPUSD analysis:
The important factor that Ripple made some heavy moves to the downside and that it broke a 2.87 years long trend-line shouldn't be ignored as I already mentioned, these are very very signs and I can't understand these many peoples who say that ripple will make 1000 + % in just a month, all over what we can say when we think logically about the situation now is that the cryptocurrency market is all over slowlier then before, the high and the speed screwed back and we see more and more cryptocurrencies more than trend consolidating and then falling back to past structures. The problem now with ripple is that we have a decent structure above us which first should be taken out completely before taking a bull continuation to higher levels reasonable.
Now! In my chart, you can see that ripple more over consolidated the last days and formed a triangle, you can see this upward sloping triangle marked with the blue trend-lines in the chart, this structure normally is a continuation set-up, similarly to a bear-flag , as 75 % of all of these structures confirm into the direction which they came from. That means when a trend goes downward the triangle or bear-flag forming out of the trend will highly possibly confirm in the direction it came from! On the other hand, there is a small percentage probability that it continues in the other direction, in this case, it will be a so-called "fake-bear-flag" or "fake-upward-sloping-triangle" which would break to the up-side in this formation you see in my chart! On the other hand, what underlines the regular breakdown is the major confluence zone which you can see marked in the chart! There are many confluence-factors in this zone coming together and forming an overall shape!
It is also interesting that XRPUSD is forming two bull-flags in the triangle, the first already broke to the up-side and the next will highly likely break also to the upside touching the major confluence zone in the end. A Possible Short trade is then a good opinion with a stop-loss above the triangle, I will look for a good entry at the confluence zone. On the other side, I would be cautious with an opening long-position here because the structure is more than bullish! But as I already mentioned there is a percentage probability given that this structure confirms to the upside with a definite confirmation, then a long position will be appropriate when the major-trend line which you can see in the chart confirmed. In both cases now there has to be a confirmation of the trend. I will look for a good short entry when the confluence zone confirmed with a definite move, ripple should be a good shot on the short-side now when the formation confirms as the forecast tells me.
In this manner: "Obstacles don't have to stop you. If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it."
Have a nice day my friends! I wish you all good trading profits in these times! For more insights feel free to support!
Information provided is only educational and should not be used to take action in the markets.