XRP: Weekly Bullish Breakout Analysis 1W (Apr. 24)
X FORCE GLOBAL ANALYSIS:
XRP's Tether (USDT) pairing has been trading within a descending wedge over the past few weeks. In this analysis, we take a look at the bullish and bearish technicals suggested by XRP's chart.
Bullish Evidence
- A descending wedge pattern is typically known as a bullish reversal pattern
- We can count Elliott Triangle Waves (ABCDE), where we have currently seen the last wave take place
- We are currently testing the 0.236 Fibonacci resistance
- The Moving Average Convergence Divergence (MACD) is showing a potential golden cross
Bearish Evidence
- There is strong resistance around the 0.236 Fibonacci resistance
- The Relative Strength Index is trading inside a descending parallel channel, creating lower highs and lower lows
- The MACD's moving averages are forming lower highs and lower lows as well
What We Believe
Given that the overall market behaves, we can see a potentially bullish breakout for XRP on the weekly. However, a rejection at the 0.236 Fibonacci resistance or the descending trend lien resistance would negate a scenario for the breakout.
Trade Safe.
XRP's Tether (USDT) pairing has been trading within a descending wedge over the past few weeks. In this analysis, we take a look at the bullish and bearish technicals suggested by XRP's chart.
Bullish Evidence
- A descending wedge pattern is typically known as a bullish reversal pattern
- We can count Elliott Triangle Waves (ABCDE), where we have currently seen the last wave take place
- We are currently testing the 0.236 Fibonacci resistance
- The Moving Average Convergence Divergence (MACD) is showing a potential golden cross
Bearish Evidence
- There is strong resistance around the 0.236 Fibonacci resistance
- The Relative Strength Index is trading inside a descending parallel channel, creating lower highs and lower lows
- The MACD's moving averages are forming lower highs and lower lows as well
What We Believe
Given that the overall market behaves, we can see a potentially bullish breakout for XRP on the weekly. However, a rejection at the 0.236 Fibonacci resistance or the descending trend lien resistance would negate a scenario for the breakout.
Trade Safe.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.