Looks to me like XRP is breaking out of a rectangle or consolidation pattern as we speak.
Pattern formed since NOvember 2024 and since then XRP has been trading in this range.
Our current weekly candle is clearly in the process of attempting a breakout above the upper band or resistance trendline of the consolidation pattern.
We still have a day for candle close of this week.
Look to see if a potential engulfing candle print occurs or not.
Also note, this is by no means confirmation of the pattern break. We would need a concise bullish candle pattern for the next week to print for COnfirmation.
If we do confirm breakout. XRP will be back in price discovery mode like BTC. And i personally wouldn't sleep on it.
Its one of the better performers in crypto and seems like to me with every passing day a major player like BTC. (Opinion based on TA)
I would also monitor the MACD indicator. Observe for increasing histogram bars and deep green color as well as bullish cross.
On Macro timeframes, being above the 0 line on MACD is always bullish until we cross below.
Pattern formed since NOvember 2024 and since then XRP has been trading in this range.
Our current weekly candle is clearly in the process of attempting a breakout above the upper band or resistance trendline of the consolidation pattern.
We still have a day for candle close of this week.
Look to see if a potential engulfing candle print occurs or not.
Also note, this is by no means confirmation of the pattern break. We would need a concise bullish candle pattern for the next week to print for COnfirmation.
If we do confirm breakout. XRP will be back in price discovery mode like BTC. And i personally wouldn't sleep on it.
Its one of the better performers in crypto and seems like to me with every passing day a major player like BTC. (Opinion based on TA)
I would also monitor the MACD indicator. Observe for increasing histogram bars and deep green color as well as bullish cross.
On Macro timeframes, being above the 0 line on MACD is always bullish until we cross below.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.