I chose to take a step back and focus on the weekly chart for XRP, because the daily timeframe looks absolutely atrocious and provides no clarity into whats actually going on.
XRP has been consolidating within the highlighted $.315 region for the past 11 weeks...yes 11. Yes there have been volatile breakouts above and below only wicking and pulling back within consolidation. This to me signals that XRP is being highly suppressed and accumulated even more at this time. While we have seen major moves in some Alts, and atleast some higher highs and higher lows for BTC and ETH. XRP has remained stagnant and doing something completely different than the rest of the market. Which leaves me to believe a larger move is brewing.
Bullish Scenario: If XRP breaks out of consolidation and through the $.325 major pivot level, I believe the $.35 resistance level should be soon met. And above there we have the $.3850 monthly resistance and ultimately the $.435 Topline.
Bearish Scenario: If we see a weekly candle closure below the blue trendline I believe that would signal further downside. We have wicked many time to the $.285 weekly support, so if broken I believe we could see a rapid selloff to the $.25 monthly support region.
I see this consolidation as a Blessing and I will continue to accumulate within this zone and on any downside push.
XRP has been consolidating within the highlighted $.315 region for the past 11 weeks...yes 11. Yes there have been volatile breakouts above and below only wicking and pulling back within consolidation. This to me signals that XRP is being highly suppressed and accumulated even more at this time. While we have seen major moves in some Alts, and atleast some higher highs and higher lows for BTC and ETH. XRP has remained stagnant and doing something completely different than the rest of the market. Which leaves me to believe a larger move is brewing.
Bullish Scenario: If XRP breaks out of consolidation and through the $.325 major pivot level, I believe the $.35 resistance level should be soon met. And above there we have the $.3850 monthly resistance and ultimately the $.435 Topline.
Bearish Scenario: If we see a weekly candle closure below the blue trendline I believe that would signal further downside. We have wicked many time to the $.285 weekly support, so if broken I believe we could see a rapid selloff to the $.25 monthly support region.
I see this consolidation as a Blessing and I will continue to accumulate within this zone and on any downside push.