What's up traders, straight into the analysis!
Here we are analyzing XRP/USD on the 4H chart.
We have been keeping a close eye on Ripple recently, as price has been making a nice recovery to the upside since the lows on 6th February at 0.5700.
At current, price is trading at 0.90010, whilst sitting on a very nice support zone. Price has been bouncing on and around the support zone for some time now, and soon enough I am expecting a breakout to the upside.
Price will eventually carry on it's upside momentum, breakout out of the horizontal support range sufficiently. If price breaks above 0.9770, then it has broken the consolidation range it is in, and this will confirm the horizontal support level was in play and the upside is then very likely to break out and hit the upside target of 1.1930.
I am expecting Ripple to be impulsive until hitting the resistance zone/target zone at 1.1930. We could have a small pullback after breaking the consolidation level at 0.9770 which will then allow a safe entry into this trade. Once a retest of the consolidation zone has occurred, Ripple will be able to move to the upside uninterrupted.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves.
I will update this analysis when I receive above 40 likes.
Here we are analyzing XRP/USD on the 4H chart.
We have been keeping a close eye on Ripple recently, as price has been making a nice recovery to the upside since the lows on 6th February at 0.5700.
At current, price is trading at 0.90010, whilst sitting on a very nice support zone. Price has been bouncing on and around the support zone for some time now, and soon enough I am expecting a breakout to the upside.
Price will eventually carry on it's upside momentum, breakout out of the horizontal support range sufficiently. If price breaks above 0.9770, then it has broken the consolidation range it is in, and this will confirm the horizontal support level was in play and the upside is then very likely to break out and hit the upside target of 1.1930.
I am expecting Ripple to be impulsive until hitting the resistance zone/target zone at 1.1930. We could have a small pullback after breaking the consolidation level at 0.9770 which will then allow a safe entry into this trade. Once a retest of the consolidation zone has occurred, Ripple will be able to move to the upside uninterrupted.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves.
I will update this analysis when I receive above 40 likes.
Well done to anyone who cashed in.
Anyway, as it stands, it looks like Ripple will now retest structure support at around 0.8810 before any further up move is ignited.