Will XRP the "ugly duckling" pump again ? Hello everyone !
Today H₿ Capital is analyzing XRP based on a 2 Weeks chart 📈
XRP the ugly duckling of the crypto space is technically in an interesting position. The SEC case could be a huge catalyst for XRP, so let’s see if this asset could pump again like it did the previous cycles and where it could head to.
What we can see :
- Prices evolved into a descending channel since December 2017 and we are actually in the upper localisation.
- Right now prices are supported by the black uptrend line + the MA50 which acts as a strong support.
- But prices got difficulties to break the MA20 which acts as a resistance.
Reasons to be bullish :
- RSI printed a nice bullish divergence
- The CHOP index is high —-> Big movement in approach
- Spreads and Stochastics are very low
- There is a big divergence on the OBV (higher lows on prices Vs higher highs on the OBV)
2 scenarios we can expect :
Case #1 : If prices manage to hold the MA50 + uptrend line and manage to break the MA20, then we can TP(1) when prices will hit the descending upper trendline of the channel.
Then, If XRP breaks this level, we can TP(2) on the trend-based fib extension 1.68 / 2.618 = 5,47$ to 8,79$
Case #2 : If XRP loses its MA50 + uptrend line, be prepared to accumulate at those levels (if you still believe in this project)
- MA100 = 0.48$
- MA 200 = 0.32$
- VPVR Point of control = 0,21$ (Best buying target)
- Descending lower trendline of the channel
Good luck traders, my the crypto be with you 🍀
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