XRP - Trading Ranges
This week XRP has started to lead the way in the altcoin market. We've spend months at 30 cent price area. This is an price area at which XRP price historically spend most of the time, so it presents a good historical support.
Just like with my last idea on BCH trading ranges, it goes the same for XRP. We have started to poke through red trading range and are testing next one. FRVP (Fixed Range Volume Profile- blue bars on the left) indicator suggests that we are testing second strongest resistance level range that is from around $0.50 - $0.68 (yellow). I am positive that we will go there, maybe even run through it to the 3rd level and than fall back to the 2nd one to range and slowly move up again with an increasing speed. It is a speculation so it is impossible to really know.
I also expect that the level 6 if not before, can turn us back down a bit before continuation upwards. In my eyes we cold still fall from 6th range to the 3rd one that held us for 4 months before the start of last capitulation in April.
Given on how delaveraged altcoin market got, coupled with how XRP has moved up in the past after setting a clear bottom, it is also a possibility that we just explode upwards, should the short squeeze happen both with fiat pairs (XRP-USD) and btc pairs (XRP-BTC).
I am not a financial advisor so non of this should be taken as a financial advise.
Just like with my last idea on BCH trading ranges, it goes the same for XRP. We have started to poke through red trading range and are testing next one. FRVP (Fixed Range Volume Profile- blue bars on the left) indicator suggests that we are testing second strongest resistance level range that is from around $0.50 - $0.68 (yellow). I am positive that we will go there, maybe even run through it to the 3rd level and than fall back to the 2nd one to range and slowly move up again with an increasing speed. It is a speculation so it is impossible to really know.
I also expect that the level 6 if not before, can turn us back down a bit before continuation upwards. In my eyes we cold still fall from 6th range to the 3rd one that held us for 4 months before the start of last capitulation in April.
Given on how delaveraged altcoin market got, coupled with how XRP has moved up in the past after setting a clear bottom, it is also a possibility that we just explode upwards, should the short squeeze happen both with fiat pairs (XRP-USD) and btc pairs (XRP-BTC).
I am not a financial advisor so non of this should be taken as a financial advise.
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