XRP moving pattern
In the chart you see XRP is forming some sort of a symmetrical triangle. Till now, everytime we hit the support levels on the blue line, we get a big spike up.
While in my opinion the cryptospace is tied to BTC (to a certain extent) I always look at the BTC chart first before looking at alts.
With BTC holding support on the 200 weekly moving average the forecast for BTC in the short term is quite positive. While BTC is holding support on the 200, XRP is holding support on this trendline. Therefore, I think it is very likely that we will see a green candle up to the .42 resistance levels for XRP.
What happens after that is the interesting part. If XRP breaks resistance from the gold line, we are likely to see further upside. However, if it does not break this resistance we will most likely go back to test the blue line. If we fall through, I think XRP will test the red support line to posibly reach capitulation and go up from there.
Good luck trading!
While in my opinion the cryptospace is tied to BTC (to a certain extent) I always look at the BTC chart first before looking at alts.
With BTC holding support on the 200 weekly moving average the forecast for BTC in the short term is quite positive. While BTC is holding support on the 200, XRP is holding support on this trendline. Therefore, I think it is very likely that we will see a green candle up to the .42 resistance levels for XRP.
What happens after that is the interesting part. If XRP breaks resistance from the gold line, we are likely to see further upside. However, if it does not break this resistance we will most likely go back to test the blue line. If we fall through, I think XRP will test the red support line to posibly reach capitulation and go up from there.
Good luck trading!
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