XRP May Have Bottomed — Pending Upside Breakout of Falling Wedge
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-
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-