MagicPoopCannon

XRP May Have Bottomed — Pending Upside Breakout of Falling Wedge

POLONIEX:XRPUSD   XRP / U.S. Dollar
XRP is looking pretty interesting here. We can see that it's in a very clear falling wedge formation (in blue.) For those who are unaware, falling wedges are bullish formations, that typically create upside breakouts. In the case of this particular falling wedge , we can see that there is an upside price target of about 0.77, which corresponds to the high from September 2018, where the falling wedge began to form. We can also see that key support has been held on the pink support zone , which was the exact level held leading into the massive explosion in late 2017.

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 falling wedge pattern, which I know is bullish . 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 falling wedge — 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 falling wedge 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.***

-JD-

Comments

We are waiting your S&P 500 index analysis options :)
I think reversal signal is too bullish to go down.
Cheers!
Welcome back honorable Magic poop canon
+3 Reply
Hey JD :) looking for 0.24 short term - I hope you are well ;)
+3 Reply
dRends35 LisaNEdwards
@LisaNEdwards, More glitter will surely help the moonship @NewYork888
+3 Reply
@dRends35 @LisaNEdwards We need more Cowbell and Glitter! Never-ending bull trap is what I see
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LisaNEdwards BoneFunkenstein
@BoneFunkenstein, to 24cents... such a bull trap... maybe learn to trade instead of just trolling... if you spent more time learning and less trolling... wow you might make some money and have a life <3 much love
Reply
BoneFunkenstein LisaNEdwards
@LisaNEdwards, I was agreeing with you and you agree with me, it is another bull trap... .24 and dump. Not sure where you can make assumptions about how much money I make, I make enough off the market and crypto but I dont feel the need to shame people who do not. Apparently you do, I would advise against it
Reply
LisaNEdwards BoneFunkenstein
@BoneFunkenstein, possibly was having a sensitive day :) didn't sound like you were agreeing, so apologies if I took it the wrong way :)
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BoneFunkenstein LisaNEdwards
@LisaNEdwards, Not sure what happened to my comment but it was deleted.

Is ok we all have those days, just atone by naming your next baby after me :)
+1 Reply
LisaNEdwards BoneFunkenstein
@BoneFunkenstein, LOL I am not having any more babies... maybe you can name your next after me ;)
Reply
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