Ripple Triangle Formation across All Charts!
When looking at the 1D chart, it is evident that Ripple (XRP) has been undergoing price consolidation since May when it spiked from $0.031 to $0.40. It has then gathered support at the $0.195 mark with other supports at the $0.177, $0.147 and $0.031 marks. XRP is now challenging the $0.246 resistance level.
The huge triangle pattern is a strong indication that Ripple (XRP) is going on a bullish run. Other evidence that signals bullish behavior is the 200-day and 50-day Moving Average (Slow MA & Fast MA). When the slow MA crosses the fast MA it signifies that the long term trend is going Up! In this case the 200-day Moving Average is about to cross the 50-day Moving Average. We can also see in the Relative Strength Index (RSI) chart that the price is consolidating around the $0.246 resistance level. The target is for XRP to find new support at the $0.246 level and pass the upper barrier of the triangle and then go on to challenge the $0.32 resistance level. Buy orders should be placed around the $0.278 mark to ensure a bullish breakout.
CryptoTA Guidelines:
Wait for the Breakout
Figure out your strategy (long or short)
Follow the trend
Set stop losses to protect your profits
I wish you massive profits on your trades,
CryptoTA
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
When looking at the 1D chart, it is evident that Ripple (XRP) has been undergoing price consolidation since May when it spiked from $0.031 to $0.40. It has then gathered support at the $0.195 mark with other supports at the $0.177, $0.147 and $0.031 marks. XRP is now challenging the $0.246 resistance level.
The huge triangle pattern is a strong indication that Ripple (XRP) is going on a bullish run. Other evidence that signals bullish behavior is the 200-day and 50-day Moving Average (Slow MA & Fast MA). When the slow MA crosses the fast MA it signifies that the long term trend is going Up! In this case the 200-day Moving Average is about to cross the 50-day Moving Average. We can also see in the Relative Strength Index (RSI) chart that the price is consolidating around the $0.246 resistance level. The target is for XRP to find new support at the $0.246 level and pass the upper barrier of the triangle and then go on to challenge the $0.32 resistance level. Buy orders should be placed around the $0.278 mark to ensure a bullish breakout.
CryptoTA Guidelines:
Wait for the Breakout
Figure out your strategy (long or short)
Follow the trend
Set stop losses to protect your profits
I wish you massive profits on your trades,
CryptoTA
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.