Hi Traders, Investors and Speculators of the Charts 📈📉
If you've been following me for the past year, you'll be well aware that I am notoriously bullish on XRP. However, today's analysis on XRPUSDT is focused on the price for short term, and for that I like to pull up the technical indicators RSI, LSMA, EMA and Momentum. My favorite indicator, the Phoenix Ascending, points to more possible upside price action for the immediate term. However, it's also noteworthy that the buying pressure is running out, as observed on the momentum.
Usually when XRP rallies, it shoots through 2 - 3 resistance zones. We're currently struggling to capture the first one above, so it may seem that this is not the candle that's going to go parabolic. For now, candles need to keep closing above the BLUE zone, which is now the support zone.
Here's a quick look at XRPBTC . Overlaid in this chart is the XRP line chart and the BTC line chart.
We can see that XRP is overdue to gain some grounds on BTC and from past scenarios we can tell that when it finally does, it will be a facemelt. It's also important to note that XRPUSDT is prone to pump and dump and can act very wicky therefore the best strategy is to have your targets pre-set for TP.
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