So, seeing XRP hold that level is a positive technical sign. However, I am neutral at the moment, even though I see that XRP is in a big pattern, which I know is . I'm neutral for many reasons. Some of those reasons revolve around the economic state of the world, and the fact that we are in a recession. Additionally, XRP is currently finding resistance below the 200 day moving average (in purple.) So, the immediate obstacle for XRP is the 200 day moving average. If XRP can get above that and hold it as support, we could very quickly see a test of the top of the — and that could produce an epic upside breakout.
Just for some perspective, XPR has spent about 20 months in this formation. XRP tried to breakdown from it in March, but key support was held, and that ended up being a failed breakdown of the formation. So, after such a clear hold of the downside of this formation, I think there is a possibility that we could see an upside break very soon, but that's only speculation. Although I am neutral, I will be a buyer on support above the 200 MA, with a stop below it, in anticipation of a powerful upside breakout of the formation.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Is ok we all have those days, just atone by naming your next baby after me :)