RIPPLE (XRP): Daily Chart | Technical Analysis
Hi Traders!
XRP Coin has not yet experienced the splendor like other Cryptocurrencies, and this is certainly one of the reasons why we are following Ripple, the second reason, and maybe the most important one, is attributable to the technical structure on the daily chart. A few weeks ago we published a potential bullish harmonic structure on the 8H chart (see chart below) which currently still remains valid. At the same time, we have been looking for potential support and resistance areas (0.51 and 0.72), so we cannot yet rule out a bearish consolidation in the near term, but if this happens it should be considered an opportunity to add long positions. As we have already said in the previous analysis, we have two bullish Targets, but certainly the 1.40 area should be reached in the medium term. From our point of view, the bullish reaction from the previous bottom is not impulsive, it looks much more like a corrective structure (ABC for example), so further updates will be necessary. That said, help us reach at least 50 Likes so we can feel free to post new updates as soon as possible below.
In conclusion, the best strategy for Day Traders is very simple, buy, buy and... buy on depth!
🔴 HARMONIC STRUCTURE ANALYSIS:
(Click on Chart below)
Trade with care
Like | Share | Comment
XRP Coin has not yet experienced the splendor like other Cryptocurrencies, and this is certainly one of the reasons why we are following Ripple, the second reason, and maybe the most important one, is attributable to the technical structure on the daily chart. A few weeks ago we published a potential bullish harmonic structure on the 8H chart (see chart below) which currently still remains valid. At the same time, we have been looking for potential support and resistance areas (0.51 and 0.72), so we cannot yet rule out a bearish consolidation in the near term, but if this happens it should be considered an opportunity to add long positions. As we have already said in the previous analysis, we have two bullish Targets, but certainly the 1.40 area should be reached in the medium term. From our point of view, the bullish reaction from the previous bottom is not impulsive, it looks much more like a corrective structure (ABC for example), so further updates will be necessary. That said, help us reach at least 50 Likes so we can feel free to post new updates as soon as possible below.
In conclusion, the best strategy for Day Traders is very simple, buy, buy and... buy on depth!
🔴 HARMONIC STRUCTURE ANALYSIS:
(Click on Chart below)
Trade with care
Like | Share | Comment
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