XRP 3 Year Old Support Zone Has Been Finally Back Tested
As BTC corrected as it suppose to, it caused a sudden and quite unexpected flash crash across the market, followed by another accumulation that took us slowly even lower with altcoins. Lots of people got shaken out and over leveraged accounts liquidated. For those who made it out alive ;), expect the green days to come. That is of course if btc goes up, which it probably will.
With that sad, XRP is forming some kind of a bullish flag after that correction which meant a successful back test of a support zone that held us down for almost 3 years. If we break above that flag we still may consolidate in a $1.2 - $1.5 area imo. before a final blow of top which could take us to a $7-$11 area respectively. We have also managed to stay above orange rising trend line, which is a great sign that buyers are stepping in.
For all of that to happen BTC has to give us an clear indication of recovery and i am very optimistic that it will. If not, we may go down a bit or at least go sideways with XRP.
I am not a financial advisor and non of this is or should be taken as a financial advise. Have a great day.
XRPUSD
With that sad, XRP is forming some kind of a bullish flag after that correction which meant a successful back test of a support zone that held us down for almost 3 years. If we break above that flag we still may consolidate in a $1.2 - $1.5 area imo. before a final blow of top which could take us to a $7-$11 area respectively. We have also managed to stay above orange rising trend line, which is a great sign that buyers are stepping in.
For all of that to happen BTC has to give us an clear indication of recovery and i am very optimistic that it will. If not, we may go down a bit or at least go sideways with XRP.
I am not a financial advisor and non of this is or should be taken as a financial advise. Have a great day.
XRPUSD
Comment:
Weekly chart showing a support zone that a mentioned was back tested.