XRP Finally Reaching Historic Bottoms | Breakout SoonThe Resistance Level : After being broken through, it doesn't hold much merit anymore. However, it should still be used as a sign of possible support in the future, but as of now it still shows signs of resistance, so it's safe to say that this is still an important level and we should be keeping our eyes on this one.
50 Day MA: The 50 Day MA has shows good support and resistance on this time frame, which is why I will be using it. The 20th of March (2023) Is where we started seeing levels of support and movement to the upside. A pattern can be seen of higher highs, and higher lows. If you look back at the 20th of August (2020), we see the same pattern emerge where we break through the 50 Day and proceed to reach higher highs and higher lows. It can also be seen in December (2020) where broke through the 50 Day. Will we see the same pattern in the next weeks, where we fall through the 50 Day, or will it show support? Allow me to give you more information.
FIB: The Break Through at the 0.236 Level was important, it shows signs that the market is ready to start seeing bullish pressure, but as we can see there was a reversal, and there is still sometime left before we truly reach higher levels on the FIB. So the 0.236 is still playing as resistance, but good signs of of a breakout soon.
RSI: The 3 overbought tops back in 2020 aren't the only tops we've seen on XRP, we've even seen them back in 2017, and now we are seeing the same patterns today. This is the pattern: Breaking through 40.00 to show bullish pressure, 50.00 playing as support, the 3 overbought tops, then begging of bear market. As we can see we are starting to reach those tops, which means this is the LAST FALL, OR have AT LEAST one more to go.
Historic XRP Candle Pattern: This is the Pattern: Rally, then a fall, Then Retrace to the Hight of previous rally, consolidation, then the final rally. That's what we saw in 2017, 2020, and now we are seeing the first steps of it right now.
Summary: We are waiting for prices to reach 50 Day MA, where we can retrace back to the SEC Rally and consolidate, but there may be a final fall as history is showing us.
