XRP (USD) Preparing to Explode - Short-term Targets Mapped
I understand this chart looks cluttered as it's just my own personal analysis that's usually not shared. Since I sold two hours before the weekend price drop and bought back in around $1.25, I figure someone else might make/save some money on this.
Using the fixed range volume profile from April 7th to today, I have relevant support and resistance mapped by the light gray dashed lines. The major volume support indicated by a dark gray solid line shows us that XRP will likely stay above the $1.30-$1.36 area. If it closes a an hourly candlestick below, then price will likely move quickly to $1.12, then $1.00.
If the major volume support at $1.30-$1.36 holds, then XRP will have to battle several levels (gray dotted lines) of moderate resistance. This is going to either be a violent move upward or a choppy ping pong upward through each level. The important thing is, my wave count puts me at targets of $1.94, $2.41, and $3.54.
There is an alternate count that sees us back down to $1.00, so be cautious.
Last of all, the volume moving average is clearly reaching a point of breakout volume. I believe this will break upward based on the overall trend. It's because of this trend that I believe it's a real possibility that XRP's move upward might be violent.
This is not financial advice and is merely a hobby, so don't trade off this. This idea is fluid as my sentiment, targets, and analysis changing frequently.
Using the fixed range volume profile from April 7th to today, I have relevant support and resistance mapped by the light gray dashed lines. The major volume support indicated by a dark gray solid line shows us that XRP will likely stay above the $1.30-$1.36 area. If it closes a an hourly candlestick below, then price will likely move quickly to $1.12, then $1.00.
If the major volume support at $1.30-$1.36 holds, then XRP will have to battle several levels (gray dotted lines) of moderate resistance. This is going to either be a violent move upward or a choppy ping pong upward through each level. The important thing is, my wave count puts me at targets of $1.94, $2.41, and $3.54.
There is an alternate count that sees us back down to $1.00, so be cautious.
Last of all, the volume moving average is clearly reaching a point of breakout volume. I believe this will break upward based on the overall trend. It's because of this trend that I believe it's a real possibility that XRP's move upward might be violent.
This is not financial advice and is merely a hobby, so don't trade off this. This idea is fluid as my sentiment, targets, and analysis changing frequently.
Note
Once we hit $1.53, it wouldn't be out of the question for a sharp pull-back to the red trend line resistance turned support. From there we are likely going higher in the traditional XRP rapid-movement-fashion.Note
This setup is still very much valid and setting up for a resolution. If XRP overtakes the $1.35 area, then you'll likely see continuation to the upside. If $1.35 is rejected, it's not out of the cards to finish a falling wedge at the $1.19-$1.23 area.It's my opinion that we have completed a simple a-b-c zig zag correction and now begin short term wave 3 to the upside.
The impending short term wave 3 should take us to $1.72-$1.75 which is the 1.618 fib extension of short term wave 1.
Given the crazy buying pressure under my aforementioned support area of $1.30, this serves to bolster my overall plan.
I'm not sure it was clear in my initial post, but if you draw a trend line down the black moving average on XRP volume, you'll see it's due for an explosion. This isn't definite of course, but it follows price suggestions and boiling market sentiment.
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