XRP Ripple Triangle breakout
Updated
XRP shows maybe a more clear picture here. It broke that triangle, but so far no follow through yet. Now it could be a basic retest, but usually in crypto we get a dump straight away. So the fact that it's hanging here, keeps the chance for a bear trap alive. Normally, it should not get above that first red resistance anymore around 0.1960. Above the second red zone, would be a first confirmation i think of a bear trap.
if the triangle is real, the target is around the yellow circle. The 0.180 zone is also a big support zone. So if we would see a big drop, straight through that 0.18 zone, the triangle should get reached as well.
That channel on the right is a (short term) back up plan for the bulls. If it keeps moving inside of it and doesn't dump below it, could be a retest of that red zone or start of a bear trap.
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Previous analysis:
if the triangle is real, the target is around the yellow circle. The 0.180 zone is also a big support zone. So if we would see a big drop, straight through that 0.18 zone, the triangle should get reached as well.
That channel on the right is a (short term) back up plan for the bulls. If it keeps moving inside of it and doesn't dump below it, could be a retest of that red zone or start of a bear trap.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
Bulls back up plan failed, channel broke and dumped, but nothing big and no big volume either. Also important to know, it's still above the big green support zone on the left (above 0.180). Which is probably the key level between bull or bear for the coming month or more. Short term, that lower red level should not break anymore, if so and it goes back in the channel, could mean the drop is already over. So think same as for the rest of the market, probably an important day or 2.
Note
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