XRP Ripple Daily Triangle, Part 2
Updated
XRP did a nasty move yesterday, with a bear trap breakout on the downside of the triangle. It clearly broke with a big margin even but as you can see the daily candle closed inside of it again. Just like Bitcoin's yesterday's daily candle, this one is normally bullish as well. Now this is not a sure thing that the bear trap is real, but a good first confirmation would be to see a daily close above the red zone.
On the right we can see a channel which looks like a small bull flag. If it breaks up, it should rally above the 0.60ish magnet zone today, anything less keeps things a bit on the tricky side. Goes without saying, for XRP bullish scenario to play out, it needs the back up from Bitcoin, which is pushing back now past hour but still in the danger zone as well.
I see support around the 0.55/0.555, from which it just bounced up from. Resistance is around 0.60 and the more important one is around 0.62, which should be the last resistance until the big red zone on the left around 0.64.
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Previous analysis:
On the right we can see a channel which looks like a small bull flag. If it breaks up, it should rally above the 0.60ish magnet zone today, anything less keeps things a bit on the tricky side. Goes without saying, for XRP bullish scenario to play out, it needs the back up from Bitcoin, which is pushing back now past hour but still in the danger zone as well.
I see support around the 0.55/0.555, from which it just bounced up from. Resistance is around 0.60 and the more important one is around 0.62, which should be the last resistance until the big red zone on the left around 0.64.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
New XRP analysis:
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