XRP | Huge move ahead? BULLISH
Hello guys,
Today's analysis will be on one of the most controversal cryptos on the market: XRP. This is because the SEC started prosecuting them this year. The case is still open and there is no clear direction which side it will end up to. A contrarian sentiment bias can be built based on the consequences the lawsuit had on this cryptocurrency (delisting in major exchanges and fear).
The fundamental analysis for XRP makes a strong case for the use of this cryptocurrency, as it is designed to serve an international demand for cheap reliable digital transactions. The project is one of the first crypto's and is still running, that has something to tell.
Enough with the fundamentals shmundamentals, let's get into what you came here for:
XRP TA:
-Strong uptrend on the weekly timeframe followed by a two-month sideways PA around $1. This is viewed as quite bullish due to the fact that the HH/HL structure is intact.
-Bull market trendline holds price now: this has been tested yesterday and today (with a minor bounce). In fact, this support TL is major to the green future for the coin, as it holds the intact support of 2 bounces previously, as such, the third bounce (this one) is the highest probability in this manner.
-61.8% fibonacci retracement from 4h lows to high sit at the 1.01 level, currently holding major support.
-Last resource 200D SMA sitting at 0.98 just below the psychological level of $1 is the do or die level.
-Symmetrical triangle breakout (upper trendline resistance) ahead
With all these confluences lined up, we're confident that XRP will hold these crucial support levels and pursue a major trend continuation move. The first fib extension targets for this move will be: 1.5, 1.77 and as a position our last target will be 2.7
Keep your risk managed,
Cryptofunded
Today's analysis will be on one of the most controversal cryptos on the market: XRP. This is because the SEC started prosecuting them this year. The case is still open and there is no clear direction which side it will end up to. A contrarian sentiment bias can be built based on the consequences the lawsuit had on this cryptocurrency (delisting in major exchanges and fear).
The fundamental analysis for XRP makes a strong case for the use of this cryptocurrency, as it is designed to serve an international demand for cheap reliable digital transactions. The project is one of the first crypto's and is still running, that has something to tell.
Enough with the fundamentals shmundamentals, let's get into what you came here for:
XRP TA:
-Strong uptrend on the weekly timeframe followed by a two-month sideways PA around $1. This is viewed as quite bullish due to the fact that the HH/HL structure is intact.
-Bull market trendline holds price now: this has been tested yesterday and today (with a minor bounce). In fact, this support TL is major to the green future for the coin, as it holds the intact support of 2 bounces previously, as such, the third bounce (this one) is the highest probability in this manner.
-61.8% fibonacci retracement from 4h lows to high sit at the 1.01 level, currently holding major support.
-Last resource 200D SMA sitting at 0.98 just below the psychological level of $1 is the do or die level.
-Symmetrical triangle breakout (upper trendline resistance) ahead
With all these confluences lined up, we're confident that XRP will hold these crucial support levels and pursue a major trend continuation move. The first fib extension targets for this move will be: 1.5, 1.77 and as a position our last target will be 2.7
Keep your risk managed,
Cryptofunded
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