Hourly iteration of XRP/USD Ascending Triangle Idea
Updated
This is the hourly version of the XRP/USD Ascending Triangle Still in Play idea.
While there have recently been significant moves to the downside in the cryptocurrency markets, the ascending triangle formation on XRP is still technically in-tact. This has become more convincing to me personally especially seeing how the current daily candle at the time of writing (June 5) indicates a possibility of support being found at a level which respects the ascending triangle formation.
I believe that XRP will continue to oscillate within this triangle formation for the coming days (and possibly weeks) and eventually test previous highs at the 0.47~0.48 USD range. This re-test of highs may occur in just over a week (around the June 13 - June 16 range). Until then, I believe XRP will continue to consolidate sideways or move slightly further to the downside.
If XRP breaks these previous highs (and subsequently break the ascending triangle formation), we could potentially see upside towards the mid 0.50's to low 0.60's range, as a break to these highs would negate longer-term bearish trends.
On the contrary, if a triple top forms at these previous highs and XRP fails to break to the upside, we could potentially see XRP break downwards to the mid to high 0.30's.
That being said, it should be acknowledged that a sudden move upwards or downwards could occur much at any moment, and much earlier or later than the forecasted timeframes, as Bitcoin price movements have a significant impact on the price of all major cryptocurrencies including XRP. Thus, any significant movements in Bitcoin could also negate this pattern at any point and in either direction. Do your own research.
While there have recently been significant moves to the downside in the cryptocurrency markets, the ascending triangle formation on XRP is still technically in-tact. This has become more convincing to me personally especially seeing how the current daily candle at the time of writing (June 5) indicates a possibility of support being found at a level which respects the ascending triangle formation.
I believe that XRP will continue to oscillate within this triangle formation for the coming days (and possibly weeks) and eventually test previous highs at the 0.47~0.48 USD range. This re-test of highs may occur in just over a week (around the June 13 - June 16 range). Until then, I believe XRP will continue to consolidate sideways or move slightly further to the downside.
If XRP breaks these previous highs (and subsequently break the ascending triangle formation), we could potentially see upside towards the mid 0.50's to low 0.60's range, as a break to these highs would negate longer-term bearish trends.
On the contrary, if a triple top forms at these previous highs and XRP fails to break to the upside, we could potentially see XRP break downwards to the mid to high 0.30's.
That being said, it should be acknowledged that a sudden move upwards or downwards could occur much at any moment, and much earlier or later than the forecasted timeframes, as Bitcoin price movements have a significant impact on the price of all major cryptocurrencies including XRP. Thus, any significant movements in Bitcoin could also negate this pattern at any point and in either direction. Do your own research.
Note
Final verdict: Ascending Triangle was broken. The formation of a descending channel resulted in a lower high being formed on June 8, followed by a lower low on June 9.
The lower low was formed after the lower bound (support) of the ascending triangle formation was tested and ultimately broken, thus ultimately invalidating the ascending triangle altogether and further validating the new descending channel formation.
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