XRP/USDT : Breaking the triangle, $2's programed !BINANCE:XRPUSDT
Hello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
#XRP has formed a symmetrical triangle and it just retested the low for the 3rd time and based on Falling wedge's rule now it might break from the above and the target of the triangle will be around $1.7 !
Now let's discuss that how XRP can reach the targeted price 👇🏼
📚 Support and resistance levels :
- #XRP is currently moving above a breaker zone, Which is also impacting the movement as a S/R zone. ( $0.9660 - $1.0106 )
As #XRP is standing above the zone, It's remains bullish in HTF.
- The lower support zone is standing at ( $0.7461 - $0.7136 ) level which is covered an important support line too !
So we can say if #XRP lose the current zone and triangle it'll likely to have a quick dive to lower support zone to reclaim the bullish momentum.
- As we talked about supports, There are two resistance lines at $1.1972 and $1.4178 that can reject the movement before reaching the major resistance zone.
So we may face some retracement as a healthy corrections below this lines.
- The major resistance zone is located at ( $1.6979 - $1.7578 ) which is also our final target.
We can say that If #XRP holds above the resistance zone, The it'll aim for higher highs located near to $3 !!
📚 Indicators and Oscillators :
- MACD : Histogram is currently in bearish zone, But as #XRP is moving toward the Apex of triangle, The histogram is beginning to become neutral-bullish.
Also have to mentions that MACD and signal lines are still moving in bullish zone and the MACD is remaining neutral for now !
- Volatility : Volatility has retested the sell limit zone one time and now it's bearish again, Expecting to retest the lower high as a bullish divergence on RSI and #XRP's movement.
This'll impact the movement so much; If #XRP broke above the triangle the it'll more likely to explode on oscillators scale..
- RSI : RSI is standing at 48, Which suggesting that bears still have the upper hand and it can cause a consolidation before the break out of triangle.
- EMA100 and EMA200 : #XRP has broke above the EMA100 and now it just had a stop-hunt below it, Also EMA200 is impacting the movement as a stiff support !
- Bollinger Bands : Movement and RSI, Both has reached the lower line and Based on the BB's logic, We have to retest the higher line now !
- VPVR : VPVR's POC is now rejecting the pair and also it's impacting as a breaker line on current level. So it's very possible for #XRP to consolidate till the apex of triangle.
📚 Fundamentals :
- Jordan Belfort, a former stock broker whose fraudulent behavior and outrageous lifestyle were glamorized by Leonardo DiCaprio in "The Wolf of Wall Street" movie, has come out a supporter of XRP.
In a recent tweet, Belfort claims that he owns a six-figure sum in the controversial cryptocurrency, which the U.S. Securities and Exchange Commission alleges is an unregistered security.
The American entrepreneur predicts that the price of XRP could hit $10. In such a case, its market cap would have to be near the $500 billion mark.
- #XRP averaging 52,000 active addresses over the past 30 days !
XRP is getting increased social media attention, & our data objectively shows that there has been a significant rise in addresses interacting on the #XRPNetwork in the month of October.
Historically, these divergences inevitably lead to price upticks.
📑 Conclusion :
#XRP is moving in a symmetrical triangle and the breakout target of this triangle is located near to $1.7; But we needs to wait for breakout confirmation before any entering LONG positions.
Oscillators and indicators are mostly neutral and it suggesting that #XRP can consolidate till the triangle's apex !
🔴 Any break below the mentioned triangle and breaker zone can lead the pair to the lower blue support zone located at $0.7411.
So don't enter any position before the confirmation above the triangle's higher trendline.
Hope you enjoyed the content I created, You can support us with your likes and comments !
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
@Helical_Trades
