XRPUSD: Preparing for a major move. Will it be up or down?

9月20日

XRPUSD is dead neutral on its 1D technical outlook (RSI = 53.714, MACD = 0.06, ADX = 26.919) as it is consolidating over the 1D MA50 but at the top of the short term Triangle. This top is also near the LH trendline of the long term Descending Triangle pattern and has been acting as Resistance since July 13th 2023. A crossing over it will push it towards the R1 level, in which case we will aim for a new +70.60% rise (TP = 0.8500).

The longer it fails to cross over the LH trendline though, the more likely it is to get rejected, at least on the short term back to the S1 level, so for now we keep a short on a tight (LH) SL targeting for the S1 level (TP = 0.5200).

A quick look at the RSI fractals of the Descending Triangle is enough to see a similar pattern after each High. The current one though is more bullish than the rest as at this stage the others had already made a deep correction towards the S2 Zone but the current hasn't, potentially hinting to a breakout. This is why this is more likely to happen now than before.


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