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XRPUSD Is likely to breakout the key level resistance
Taking Bounce From The Support Of Wedge:
As we have seen earlier in previous post that on week chart the Ripple is moving in a falling wedge. The formation of this chart pattern was started in Aug 2018 and now after Aug 2018 the price action has hit the support of this wedge in Dec 2019 and with hitting at support of wedge the priceline had also hit the lower band of Bollinger bands and now it has taken a strong upwards bullish move and gained more than 61% value.
After placing volume profile indicator on the complete falling wedge pattern it is visible that trader’s interest was very low at the support of the wedge this was a very strong indication for this bullish move and we also had POC level of volume profile above the price action at $0.31 and this level is also a key level resistance for the Ripple as it is not broken out since Aug 2019.
Based on above signals I predicted in my previous article which I posted in Jan 2020 that the XRP will move up from this support of the wege to hit the key level resistance at $0.31.
Below is the chart from Jan 2020 when I posted my previous article:
Below is the current position of Ripple:
Simple Moving Averages | An Alligator’s Mouth Formation:
On daily chart the simple moving averages with time period of 25, 50, 100 and 200 are turning strong bullish by forming an alligator’s opened mouth the 25 SMA has crossed up all other SMAs an 50 SMA has also crossed up 100 SMA and now has come very close to 200 SMA to form a golden cross with it then only 100 SMA will be left to form a bull cross with 200 SMA once the this bull cross between 100 SMA and 200 SMA will be formed then we will have a complete alligator’s opened mouth formation by these moving averages like they formed in Jun 2019 and the price action gave more than 80% profit.
This time again the price action is expected to start a powerful bullish rally after an alligator’s opened mouth formation.
The Key Level Resistance And Indicators:
Since XRP has crossed down the price level $0.31 in Aug 2019 it could not cross up this price level again even after several attempts.
So now $0.31 became a key level resistance for Ripple which is not letting the price action of XRP move up since Aug 2019.
But this time the priceline is likely to breakout this resistance.
If we examine since Jan 2020 the volume oscillator has triggered four times in favor of bulls with strong values of 27.62% , 23.90% , 28.34 and this time the oscillation is most powerful with the value of 30.56% if this time again the volume oscillator will be triggered then price action may breakout the resistance coz we are very close to resistance this time.
The moving average convergence divergence is strong bearish and stochastic is in bear cross once the MACD turns weak bearish or stochastic gives bull cross then from here the breakout from the resistance will be confirmed.
After Price Correction A New Bullish Harmonic Pattern Formed:
From 13 to 16 Feb 2020 we have witnessed higher spikes than the resistance but no candle stick closed above this level and now the price action has a pullback for price correction rally and during this price correction on short term 4 hour chart the Ripple has formed bullish Shark pattern with all required dimensions as below:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci.
And after completion of pattern the price line has a strong push from potential reversal zone and now it has entered in Fibonacci projection area of C to D leg between 0.382 to 0.786 Fibonacci.
But in my opinion this push will trigger more power full bullish divergence which will lead to breakout from the resistance.
As we have seen earlier in previous post that on week chart the Ripple is moving in a falling wedge. The formation of this chart pattern was started in Aug 2018 and now after Aug 2018 the price action has hit the support of this wedge in Dec 2019 and with hitting at support of wedge the priceline had also hit the lower band of Bollinger bands and now it has taken a strong upwards bullish move and gained more than 61% value.
After placing volume profile indicator on the complete falling wedge pattern it is visible that trader’s interest was very low at the support of the wedge this was a very strong indication for this bullish move and we also had POC level of volume profile above the price action at $0.31 and this level is also a key level resistance for the Ripple as it is not broken out since Aug 2019.
Based on above signals I predicted in my previous article which I posted in Jan 2020 that the XRP will move up from this support of the wege to hit the key level resistance at $0.31.
Below is the chart from Jan 2020 when I posted my previous article:
Below is the current position of Ripple:
Simple Moving Averages | An Alligator’s Mouth Formation:
On daily chart the simple moving averages with time period of 25, 50, 100 and 200 are turning strong bullish by forming an alligator’s opened mouth the 25 SMA has crossed up all other SMAs an 50 SMA has also crossed up 100 SMA and now has come very close to 200 SMA to form a golden cross with it then only 100 SMA will be left to form a bull cross with 200 SMA once the this bull cross between 100 SMA and 200 SMA will be formed then we will have a complete alligator’s opened mouth formation by these moving averages like they formed in Jun 2019 and the price action gave more than 80% profit.
This time again the price action is expected to start a powerful bullish rally after an alligator’s opened mouth formation.
The Key Level Resistance And Indicators:
Since XRP has crossed down the price level $0.31 in Aug 2019 it could not cross up this price level again even after several attempts.
So now $0.31 became a key level resistance for Ripple which is not letting the price action of XRP move up since Aug 2019.
But this time the priceline is likely to breakout this resistance.
If we examine since Jan 2020 the volume oscillator has triggered four times in favor of bulls with strong values of 27.62% , 23.90% , 28.34 and this time the oscillation is most powerful with the value of 30.56% if this time again the volume oscillator will be triggered then price action may breakout the resistance coz we are very close to resistance this time.
The moving average convergence divergence is strong bearish and stochastic is in bear cross once the MACD turns weak bearish or stochastic gives bull cross then from here the breakout from the resistance will be confirmed.
After Price Correction A New Bullish Harmonic Pattern Formed:
From 13 to 16 Feb 2020 we have witnessed higher spikes than the resistance but no candle stick closed above this level and now the price action has a pullback for price correction rally and during this price correction on short term 4 hour chart the Ripple has formed bullish Shark pattern with all required dimensions as below:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci.
And after completion of pattern the price line has a strong push from potential reversal zone and now it has entered in Fibonacci projection area of C to D leg between 0.382 to 0.786 Fibonacci.
But in my opinion this push will trigger more power full bullish divergence which will lead to breakout from the resistance.
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