XRP: can the downtrend be broken?
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XRP is currently consolidating and trading in a range after setting its recent high on April 14th. The chart indicates neutral / bearish price action is expected in the coming week(s). Unless there will be news from the court case.
If we get positive news, of course XRP will pump; I can't say anything about the case, so I can't calculate that into my analysis. If we follow the TA of this chart we have to break resistance (red trendline) with a strong impulse from the golden pocket (purple zone.) If so, green targets can be reached. However there are multiple bearish divergences and a possible head and shoulders / double top so a fake out or more consolidation would be the most likely scenario. However the market is unpredictable and just one tweet or pump and XRP is the next big thing so trade with caution. In my opinion a sideways / bearish continuation is likely but not guaranteed.
In short its simple: for bullish action; break the resistance and find support in the first green zone or breakdown below the golden pocket with the orange and red target areas. Break up or down is happening in the next week.
IMPORTANT: trade or invest based on your own risk and research.
If we get positive news, of course XRP will pump; I can't say anything about the case, so I can't calculate that into my analysis. If we follow the TA of this chart we have to break resistance (red trendline) with a strong impulse from the golden pocket (purple zone.) If so, green targets can be reached. However there are multiple bearish divergences and a possible head and shoulders / double top so a fake out or more consolidation would be the most likely scenario. However the market is unpredictable and just one tweet or pump and XRP is the next big thing so trade with caution. In my opinion a sideways / bearish continuation is likely but not guaranteed.
In short its simple: for bullish action; break the resistance and find support in the first green zone or breakdown below the golden pocket with the orange and red target areas. Break up or down is happening in the next week.
IMPORTANT: trade or invest based on your own risk and research.
Komen
Mind you peeps, BTC is still very bearish, we might have some sideways action so alts can pop but the party can be over anytime...Komen
And the party is over, BTC down! Thats why in my description wasn't keen on trading this breakout and warned for fake outs or most important; a bearish Bitcoinl. All eyes on BTC and the stock market right now...Komen
The predicted XRP fakeout: dont play games with the market maker, they will win.
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