Ripple (XRP) technical analysis:
Trade setup: Broke out of Channel Down and above $0.40 key level and 200-day moving average, which could indicate a trend reversal from Downtrend to Uptrend, with upside potential to $0.45 or $0.55 thereafter.
Pattern: Price was trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.40 (previous resistance), then $0.32. The nearest Resistance Zone is $0.45, which it broke, then $0.55.
Trade setup: Broke out of Channel Down and above $0.40 key level and 200-day moving average, which could indicate a trend reversal from Downtrend to Uptrend, with upside potential to $0.45 or $0.55 thereafter.
Pattern: Price was trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.40 (previous resistance), then $0.32. The nearest Resistance Zone is $0.45, which it broke, then $0.55.