XRPUSD is having an immense rally today following the latest market news that pushed the price over the 1W MA100 for the first time since April 26th 2022! The 1D technicals are bullish (RSI = 68.180, MACD = 0.000, ADX = 23.552) but should end overbought soon and the R1 (0.65615) is the final barrier before a new parabolic rally starts.
We will use the R1 as a retest level, if the price crosses above it and retests it successfully as Support, we will buy and target the R2 level (TP = 0.8000). It has to be noted that today's breakout not only crossed above the 1W MA100 but also the 1 year Channel Up pattern. Any pull back near the 1D MA50 will be a great buy opportunity.
Prior idea:
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