XRPUSD - A Direction Will Soon Be Apparent
Updated
XRPUSD is nearing a point of convergence between resistance of the short-term descending channel and support of the ascending triangle formation. I believe that within the next 24 hours, XRPUSD will test the upper resistance band of the shorter-term descending channel.
At this point, XRPUSD will either break through this resistance, thus ending the pattern of lower highs and lower lows of the past 8-9 days, or fail to break through resistance.
If short-term resistance is broken, I believe that a test of the upper-bound of the longer term triangle will be tested shortly after. At this point, a triple top could be formed or a breakout to the mid 0.50's or low 0.60's could take place.
If XRPUSD fails to break short term resistance, a test the lower bound of the longer term triangle will follow. A failure to find support could lead to a sudden break downwards from the ascending triangle.
At this point, XRPUSD will either break through this resistance, thus ending the pattern of lower highs and lower lows of the past 8-9 days, or fail to break through resistance.
If short-term resistance is broken, I believe that a test of the upper-bound of the longer term triangle will be tested shortly after. At this point, a triple top could be formed or a breakout to the mid 0.50's or low 0.60's could take place.
If XRPUSD fails to break short term resistance, a test the lower bound of the longer term triangle will follow. A failure to find support could lead to a sudden break downwards from the ascending triangle.
Note
Final Verdict:The direction was eventually downwards in the short-term. XRPUSD failed to break above the upper bound of the descending channel. This resulted in a failed re-test of the lower bound of the ascending triangle, thus invalidating the triangle formation.
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