Xrp still inside a slightly larger symmetrical log triangleWe had a glorious breakout yesterday and today have seen that candle retrace more than 50 % of its length liquidating all sorts of top buyers no doubt. This happened after price manages a wick above the monthly 50m (in orange) but ultimately was rejected from that zone. It wasn’t just the monthly 50ma that put up the resistance however…there is in fact one last top trendline of a slightly bigger triangle on the xrp log chart shown here in red. Price action got close enough to this line to experience a rejection through the combined resistance of it and the monthly 50ma…the red triangle’s apex isn’t until the end of June…hopefully price will break above it in the current zone though when patterns usually have their breakouts on average (about 5-15% away from the apex). If it takes as long as it did to break up from our pink triangle however it could consolidate inside the triangle here until late June. That would shake a lot of frustrated weak hands no doubt. However I’m still confident we have broken up from the pink triangle and should still reach its full $4.90 target, might just take many months to get us there. The first step will be flipping the top red trendline to solid support and an even more important next step will be flipping the monthly 50ma to solid support. Those are the 2 trendlines to watch. *not financial advice*
