Continuing update on our previous call on XRP which at the end, we haven't opened any long position for this pair because there wasn't any confirmation which we have mentioned earlier on this chart. (If you haven't read our previous analysis, it's available on our channel with link in my bio)
Price is now melting down and coming back inside of this descending triangle pattern which following the price action of the bitcoin. However, the claim back inside of the triangle doesn't mean that the price is in bearish structure.
In our opinion, we have to wait a little bit longer and with extra patient as there might be another consolidation structure to complete an action to trend near the APEX of this descending triangle.
Our perspective is still in possible bullish to complete the relief rally. However, the confirmation of entering long position is when the price breaks above the yellow resistance trend line with the same target of $0.6.
This bullish bias will be invalidated if the price breaks below the $0.3 as current psychological level.
Price is now melting down and coming back inside of this descending triangle pattern which following the price action of the bitcoin. However, the claim back inside of the triangle doesn't mean that the price is in bearish structure.
In our opinion, we have to wait a little bit longer and with extra patient as there might be another consolidation structure to complete an action to trend near the APEX of this descending triangle.
Our perspective is still in possible bullish to complete the relief rally. However, the confirmation of entering long position is when the price breaks above the yellow resistance trend line with the same target of $0.6.
This bullish bias will be invalidated if the price breaks below the $0.3 as current psychological level.