XRP Daily Channel Breakout!
Updated
Hello dear XRP friends, we're currently breaking out of this channel on the Daily, which is even better visible on the 4H: Zooming into the Russian Matroschka, we can see the small 4H uptrend channel, inside the much bigger Daily channel.
For the case the bulls see follow-through, we definitely would have the potential to reach the previous highs of the bigger Daily EQ range of 45 cents, a solid 10% profit potential.
Very important is gonna be the direct correlation to BTC, and what BTC itself is doing. So let's first have a look at the direct correlation XRP/BTC: We're trying to uphold previous higher Lows (HL) at 4600 Satoshi. If the bulls see a bounce going off from there, it would mean strength towards BTC. We would have the chance to go to 5,000 and even 5,500 Satoshi.
So that means basically, if XRP gains in strength towards BTC, it is crucial for BTC in USD to go up, in order to see an even bigger move with XRP/USD. For this case, the XRP bulls have to hope for the BTC bulls to take out the 9k region and go towards 10k in the coming week:
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing trading metrics & online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
For the case the bulls see follow-through, we definitely would have the potential to reach the previous highs of the bigger Daily EQ range of 45 cents, a solid 10% profit potential.
Very important is gonna be the direct correlation to BTC, and what BTC itself is doing. So let's first have a look at the direct correlation XRP/BTC: We're trying to uphold previous higher Lows (HL) at 4600 Satoshi. If the bulls see a bounce going off from there, it would mean strength towards BTC. We would have the chance to go to 5,000 and even 5,500 Satoshi.
So that means basically, if XRP gains in strength towards BTC, it is crucial for BTC in USD to go up, in order to see an even bigger move with XRP/USD. For this case, the XRP bulls have to hope for the BTC bulls to take out the 9k region and go towards 10k in the coming week:
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing trading metrics & online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Note
Nice follow-through of the XRP bulls: They're defending the key support to BTC at 4,6k Satoshi with a hammer: Should we see follow-through, it will be a nice Morning Star reversal on the Daily Trade closed: target reached
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