XRP getting ready to flex?!
Is it just me or is XRP holding up strong? XRP has steadily been grinding higher and higher since the lows in June 2022. Truly the chart speaks for itself. Let's take a look at the weekly time frame.
The yellow overall fib from swing high to swing low has been playing out beautifully. The .236 level was resistance on multiple occasions(September 2022, October 2022, March 2023 and June 2023) before finally breaking above the .236 on July 13 2023. We are currently above the .236 fib level testing it as support.
The white trend line from December 2020 with the second touch point on May 2022 has been guiding XRP to the upside. When price is below or above the trend line its often retested as support or resistance quickly. XRP has been above the trend line since October 2023 and we're just now retesting it and currently sitting on the top of the trend line. Cough cough bullish retest.
Given the Fib(being above the .236) and being above the trend line my eyes are glued on the red box of resistance above. Bottom of the red box is at .92 and the top of the red box is at .95
Current price of .55, XRP is 66% away from the bottom of the red box of resistance and 72% away from the top of the red box.
Lastly when XRP makes this move I fully expect wicks to reach the .618 fib at .98 but would expect to have a candle closure/closures within the red box of resistance. Which would flip the red box to support.
Flex those muscles XRP!
The yellow overall fib from swing high to swing low has been playing out beautifully. The .236 level was resistance on multiple occasions(September 2022, October 2022, March 2023 and June 2023) before finally breaking above the .236 on July 13 2023. We are currently above the .236 fib level testing it as support.
The white trend line from December 2020 with the second touch point on May 2022 has been guiding XRP to the upside. When price is below or above the trend line its often retested as support or resistance quickly. XRP has been above the trend line since October 2023 and we're just now retesting it and currently sitting on the top of the trend line. Cough cough bullish retest.
Given the Fib(being above the .236) and being above the trend line my eyes are glued on the red box of resistance above. Bottom of the red box is at .92 and the top of the red box is at .95
Current price of .55, XRP is 66% away from the bottom of the red box of resistance and 72% away from the top of the red box.
Lastly when XRP makes this move I fully expect wicks to reach the .618 fib at .98 but would expect to have a candle closure/closures within the red box of resistance. Which would flip the red box to support.
Flex those muscles XRP!
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