XRP symmetrical triangle
After two very long years for XRP hodlers, their coin has finally seen some momentum over the past few days. It made a beautiful 175% rally. Last time XRP touched the $0.77 mark was back in september of 2018.
XRP made a nice retracement post-rally in which it wicked into the golden pocket of our FIB retracement (red arrow). It then continued upward and is now at the upper trendline of the symmetrical triangle.
Symmetrical triangles tend to break to the upside, but are definitely not unlike to break down. If we see XRP getting rejected from this trendline, I'll watch for the 50 and 21 MA (blue arrow). Should they cross after the rejection, we will see XRP move to the lower trendline of the triangle and possibly even break down.
How do you feel about XRP at this moment?
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Please feel free to share your view on this pair down below in the comment section. I'm more than happy to be challenged and have an interaction on this idea.
Also make sure to leave a like as it helps me out a lot!
XRP made a nice retracement post-rally in which it wicked into the golden pocket of our FIB retracement (red arrow). It then continued upward and is now at the upper trendline of the symmetrical triangle.
Symmetrical triangles tend to break to the upside, but are definitely not unlike to break down. If we see XRP getting rejected from this trendline, I'll watch for the 50 and 21 MA (blue arrow). Should they cross after the rejection, we will see XRP move to the lower trendline of the triangle and possibly even break down.
How do you feel about XRP at this moment?
------------------------------------------------------------------------------------------
Please feel free to share your view on this pair down below in the comment section. I'm more than happy to be challenged and have an interaction on this idea.
Also make sure to leave a like as it helps me out a lot!
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