XRP decision time
XRP has been forming this wedge since July 2023 (possibly as far back as April 2021).
Seems to have established a bottom at 0.38 and now looks to be forming a triangle and currently in the 3rd wave within the triangle.
Pattern wise, price may push up towards top of trend and reject. If it does, I'm watching for a reaction as price comes down towards 0.54ish. Could take 2 weeks maybe around 3 Oct.
If there's a strong reaction here and price manages to get above the upper trend of the triangle, we could see price move upwards in the ascending channel. This would establish the price structure from July to Oct as the first wave in the ascending channel. A 2nd wave would have a target of 0.79 near the end of Oct/start of Nov.
If there's no strong reaction, price could fall through and come back down to the major lower trend to test around 0.44. This would also be a good long entry with stop under 0.3549.
Note, this is purely pattern watching. I'm not considering any news whatsoever so #DYR, #NFA.
Seems to have established a bottom at 0.38 and now looks to be forming a triangle and currently in the 3rd wave within the triangle.
Pattern wise, price may push up towards top of trend and reject. If it does, I'm watching for a reaction as price comes down towards 0.54ish. Could take 2 weeks maybe around 3 Oct.
If there's a strong reaction here and price manages to get above the upper trend of the triangle, we could see price move upwards in the ascending channel. This would establish the price structure from July to Oct as the first wave in the ascending channel. A 2nd wave would have a target of 0.79 near the end of Oct/start of Nov.
If there's no strong reaction, price could fall through and come back down to the major lower trend to test around 0.44. This would also be a good long entry with stop under 0.3549.
Note, this is purely pattern watching. I'm not considering any news whatsoever so #DYR, #NFA.
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