IS XRP REVERSING DIRECTION HERE AND TURNING BULLISH?
Hello Traders,
Its been over 1 year since I published my last XRP chart which turned out to be correct and quite accurate, a link to that chart is below.
Looking at XRP now though we can see that the price has retraced a massive -96% over 798 days. That is one hell of a brutal retrace, XRP has been a lot weaker compared to Bitcoin.
Price has bottomed with a bullish wick and since March price has moved up, broken above and bounced on an important diagonal resistance line.
Holding this trend line looks bullish. I am expecting price to move up here and test that main support/resistance trend line marked with the red box.
This also happens to be where the weekly 200 MA is, an important MA which has acted as resistance 2 times in the past. The monthly MACD has also turned up, a bullish signal.
Price has not made a new HH yet. This will be a big test for XRP. If price can break up past that red box and hold that level as a support then that will be bullish.
However if the price moves up to that red box and starts printing bearish divergence and bearish wicks then that will look bad.
Still, price moving up here to the resistance box is a potential 36% gain in a long position.
Its been over 1 year since I published my last XRP chart which turned out to be correct and quite accurate, a link to that chart is below.
Looking at XRP now though we can see that the price has retraced a massive -96% over 798 days. That is one hell of a brutal retrace, XRP has been a lot weaker compared to Bitcoin.
Price has bottomed with a bullish wick and since March price has moved up, broken above and bounced on an important diagonal resistance line.
Holding this trend line looks bullish. I am expecting price to move up here and test that main support/resistance trend line marked with the red box.
This also happens to be where the weekly 200 MA is, an important MA which has acted as resistance 2 times in the past. The monthly MACD has also turned up, a bullish signal.
Price has not made a new HH yet. This will be a big test for XRP. If price can break up past that red box and hold that level as a support then that will be bullish.
However if the price moves up to that red box and starts printing bearish divergence and bearish wicks then that will look bad.
Still, price moving up here to the resistance box is a potential 36% gain in a long position.
Comment:
And a closeup of the daily.
Comment:
Price broke to the upside. Bullish if it holds the weekly 200 ma and that support/resistance trend line.
Comment:
Inverse H+S.
Note how the price will look to have made 5 waves up if we get a move up here to that resistance trend line.
The monthly MACD bullish signal.