$XRP, 27% upward move?
Key levels
Short term
Supports—> S1: 0.25 & S2: 0.21
Resistances—> R1: 0.3 & R2: 0.38
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.47 & R4: 0.55
Potential scenario
Ripple is an uptrend for over a month already Currently, it is hovering around R1 at 0.30. Breaking this level is crucial for a potential bull run, especially due to the price normally ranges between R1 and R2, as we have seen in the past. This range has a width of 27% of the current price, which means that if R1 is broken, the price is very likely to climb to 0.38.
If XRP continues its upwards trend and breaks R1, we can expect a rather sudden 27% increase in the price.
TA comment
As we’ve commented in the previous section, if the price breaks R1 and consolidates that breakout, very likely, we will see a bullish trend to R2, at 0.38. Taking this into account, we can automate trading strategies that will open long positions once the price has broken R1.
In order to do this, we can use certain indicators that would open an order once that event takes place. Quick moving averages, percent change or DMI can perform well in these situations. For this occasion, we’ve selected the indicator Percent Change and we have set a percent of 6.5%. This means that if the price rises more than 6.5% during the last 24 hours, the bot will place a buy order. Looking at the chart, the order will be placed once the prices crosses the green line.
Pattern
As it has been mentioned in the previous sections, XRP has been trending upwards for over a month. From 0.21 to 0.3. During this process, the system spotted the pattern Three Advancing White Soldiers. It is a bullish reversal pattern represented by three candles. After a downward trend, that in this case would be a downward pull-back, every candle (3 candles or soldiers) has a long body and an upward direction.
Short term
Supports—> S1: 0.25 & S2: 0.21
Resistances—> R1: 0.3 & R2: 0.38
Medium term
Supports—> S3: 0.18 & S4: 0.15
Resistances—> R3: 0.47 & R4: 0.55
Potential scenario
Ripple is an uptrend for over a month already Currently, it is hovering around R1 at 0.30. Breaking this level is crucial for a potential bull run, especially due to the price normally ranges between R1 and R2, as we have seen in the past. This range has a width of 27% of the current price, which means that if R1 is broken, the price is very likely to climb to 0.38.
If XRP continues its upwards trend and breaks R1, we can expect a rather sudden 27% increase in the price.
TA comment
As we’ve commented in the previous section, if the price breaks R1 and consolidates that breakout, very likely, we will see a bullish trend to R2, at 0.38. Taking this into account, we can automate trading strategies that will open long positions once the price has broken R1.
In order to do this, we can use certain indicators that would open an order once that event takes place. Quick moving averages, percent change or DMI can perform well in these situations. For this occasion, we’ve selected the indicator Percent Change and we have set a percent of 6.5%. This means that if the price rises more than 6.5% during the last 24 hours, the bot will place a buy order. Looking at the chart, the order will be placed once the prices crosses the green line.
Pattern
As it has been mentioned in the previous sections, XRP has been trending upwards for over a month. From 0.21 to 0.3. During this process, the system spotted the pattern Three Advancing White Soldiers. It is a bullish reversal pattern represented by three candles. After a downward trend, that in this case would be a downward pull-back, every candle (3 candles or soldiers) has a long body and an upward direction.
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