XRP appears to be in a range with an indication that it could explode to the upside on a technical standpoint despite the current SEC uncertainty. A clean chart to display solid fluid support and resistance levels amongst the Monthly, weekly and daily timeframe.
Despite the SEC uncertainty, XRP manages to maintain price action above the 8EMA & 18EMA with candle bodies closing consistently above the fluid support levels. The 200ema has proven time and time again to be a solid level for XRP to break, it has been unable to break this with lack-lustre wicks providing no sign of a close above. RSI shows the 78.10 provides an overbought perspective however, the channel and pennant XRP is currently, it is best to sit back and await further confirmation. If XRP closes above 0.35, I will enter positions with profit taking 0.38c, then 0.50c thereafter.
A rejection of the 200ema and the performance of the TOTAL crypto market will provide an insight to a bearish cycle to begin for XRP, with a visit to 0.26c, 0.22c and then 0.17c. In this scenario, my strategy consists of dollar cost averaging during the dips, I believe that regardless of the SEC charges against Ripple regarding being a secuity, it will have provide clarity therefore a long-term positive price action for XRP is still expected.
*This is not financial advice, please trade and invest responsibly*
Despite the SEC uncertainty, XRP manages to maintain price action above the 8EMA & 18EMA with candle bodies closing consistently above the fluid support levels. The 200ema has proven time and time again to be a solid level for XRP to break, it has been unable to break this with lack-lustre wicks providing no sign of a close above. RSI shows the 78.10 provides an overbought perspective however, the channel and pennant XRP is currently, it is best to sit back and await further confirmation. If XRP closes above 0.35, I will enter positions with profit taking 0.38c, then 0.50c thereafter.
A rejection of the 200ema and the performance of the TOTAL crypto market will provide an insight to a bearish cycle to begin for XRP, with a visit to 0.26c, 0.22c and then 0.17c. In this scenario, my strategy consists of dollar cost averaging during the dips, I believe that regardless of the SEC charges against Ripple regarding being a secuity, it will have provide clarity therefore a long-term positive price action for XRP is still expected.
*This is not financial advice, please trade and invest responsibly*