XRP'S Ripple consolidation coming to an end?! 06.02.2023
Updated
Really simple stuff.
Take the technicals combine it with SEC lawsuit looking very positive for Ripple (The prosecutors basically admitted that XRP token is not a security, making the lawsuit invalid).
On another fundamental bullet point we have the XRP ledger paving the way for tokenization as it continues to mount up popularity.
The technical aspect shows a descending trend-line since mid last year being tested 6 times and 2 ascending trend-lines converging since November, December last year, tested a combined 6 times - Classic consolidation.
**The resistance of consolidation is around 0.415-0.42, a breakout with weekly candle open higher could be the firing shot to a huge rally back to ATH and more.
**The support of consolidation is around 0.39-0.38, a breakout below could revert price back down to lows of ~0.30 and below in case XRP loses the trial (very low odds according to info out) is probably the only viable reason for XRP to break consolidation down.
RSI 14 shows plenty of breathing room to continue to rally with ease.
Pay attention and do not miss what could be x10 gains and more very quickly once consolidation breaks up consistently with weekly candle open.
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I encourage you to do your own research and trade with caution.
Thank you for reading and let me know if you have any questions or comments, highly appreciated!
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Take the technicals combine it with SEC lawsuit looking very positive for Ripple (The prosecutors basically admitted that XRP token is not a security, making the lawsuit invalid).
On another fundamental bullet point we have the XRP ledger paving the way for tokenization as it continues to mount up popularity.
The technical aspect shows a descending trend-line since mid last year being tested 6 times and 2 ascending trend-lines converging since November, December last year, tested a combined 6 times - Classic consolidation.
**The resistance of consolidation is around 0.415-0.42, a breakout with weekly candle open higher could be the firing shot to a huge rally back to ATH and more.
**The support of consolidation is around 0.39-0.38, a breakout below could revert price back down to lows of ~0.30 and below in case XRP loses the trial (very low odds according to info out) is probably the only viable reason for XRP to break consolidation down.
RSI 14 shows plenty of breathing room to continue to rally with ease.
Pay attention and do not miss what could be x10 gains and more very quickly once consolidation breaks up consistently with weekly candle open.
---------------------------------------------------------------------------------------------------------------------------------
I encourage you to do your own research and trade with caution.
Thank you for reading and let me know if you have any questions or comments, highly appreciated!
---------------------------------------------------------------------------------------------------------------------------------
Trade active
Price continues to move within consolidation! Getting more narrow meaning breakout could be imminent!
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