XRP: Ascending Triangle Breakout
Ripple (XRP) technical analysis:
Trade setup: Bullish breakout from Ascending Triangle pattern, above 200-day MA and $0.55 resistance, could signal resumption of uptrend with upside potential to $0.68.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
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 $0.45. The nearest Resistance Zone is $0.55, then $0.68, and $0.92.
Trade setup: Bullish breakout from Ascending Triangle pattern, above 200-day MA and $0.55 resistance, could signal resumption of uptrend with upside potential to $0.68.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
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 $0.45. The nearest Resistance Zone is $0.55, then $0.68, and $0.92.
Penafian
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