XRP just broke out of the flat wedge I had drawn in previously, and now we have a new channel to follow upwards. The new price target is $1.70, the previous high, and also the 100 Fibonacci level. Our time frame is only two days time, and the returns are ~30% if trading follows suit. Best of luck, friends.
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I updated and extended out the channel to the new low point. Hopefully it bounces off the bottom of the channel and sustains that channel, otherwise I will revise, and we will be moving into more of a sideways movement..
Note
Trading has not confirmed the channel and it seems to keep moving sideways like most of the crypto markets. It does seem to be respecting the 38.20 and 61.80 fib retracement levels. We continue on with the boring neutral movements sideways, it might take some news or other new developments like renewed interest or inflow of money into the crypto markets to get up and out of this sideways pattern..
Note
Trading keep breakingdown, we just fell out of the sideways channel that was more solid than the wedge. New price target is the 78.60 fibonacci @ ~$1. If it rolls over, it is time to get out and sit on the sidelines.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.