XRP is bullish if breaks out th triangle
Updated
XRP was on a corrective wave until reached the almost lowest bottom of that continuation down trend wave. It could go further down but I believe there will be a reversal if it happens to breakout the symmetrical triangle. It has formed a triangle that is 15 week-duration which is very typical. Volume is also typical considering the decreasing volume and it will increase suddenly when breakout the boundary.
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As we can see that it has hit the previous demand zone (Jan 25) twice and could not lead the price high up. It is normal and healthy. Once 0.55 is crossed up targets are as follow: 0.65 and if went though up, it will reach it final destination at 0.95Trade active
As you can see in the chart, a top head and shoulders has already been formed yet the neckline was not broken down. You may notice a break down but it is a fake because wicks don't matter. I would only take a short position if neckline is broken with decent volume or price action.
Regardless, I do not validate the pattern because the head has no correlation with volume. plus, the formation of the head has a continuation wick.
Note that a bearish cypher appears in the chart with targets near 39.
Most importantly, 1. neckline is a strong support and once broken down, short is confirmed. 2. wave four has respected wave one and did not retrace below the w-1 level.
Note
45 is above the neckline, which is a good support that the ripple respected multiple times. Despite the aggressive bearish move recently, it is not time to short it.Note
Rebound.Trade active
After the coin has dropped a little and had a great time accumulating. It hit the demand zone again and again. If it happens to penetrate that zone (jan 25) which become a resistance, our targets are the same as indicated in the chart.
Trade closed: target reached
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