Looking at the chart of Ripple we may spot a potential running correction labeled as “abc”. The price of XRP has tested important support at the trendline drawn through the recent lows. What is more, the market has also defended the previous resistance at 0,2254 USD.
Currently, the XRPUSD exchange rate has been moving above the short-term trend channel and its upper limit has been broken. This could be a potential signal that the wave “c” has ended and the market may create a new upward impulse wave after the correction.
It seems that only a drop below the trendline may change the view from bullish to bearish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Currently, the XRPUSD exchange rate has been moving above the short-term trend channel and its upper limit has been broken. This could be a potential signal that the wave “c” has ended and the market may create a new upward impulse wave after the correction.
It seems that only a drop below the trendline may change the view from bullish to bearish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.