XRP on the Monthly is on the verge to break out
Dear financial freedom seekers.
The Ripple (XRPUST) chart - currently trading at 0.437$ - on the Monthly chart on Binance looks quit bullish for me and is on the verge to break out out of the symmetrical triangle, which is often seen as a continuation pattern.
I'd expect a power move to the upside given the confluence of several technical indicators:
Steve's Power Trend Indicator has been bullish in April 23 same as the Hash Ribbons which flashed a buy signal in Feb 23.
CM Ultimate MACD is close to do a bullish crossover and I would wait for high breakout volume and increased volatility given the trend of decreasing volume inside the coiling within the symmetrical triangle.
The CM Williams Vix Fix to identify market bottoms has turned light green the last time already in March 23 expressing that the bottom might be in.
Bottoms on the monthly chart can take several months to form and XRP is consolidating since Jun 22 and found support around 0.32$ area which was huge area resistance in 2020 and has flipped to be support in 2023.
The price could come down again to test the lower band around 0.36-038$ of the symmetrical triangle before a final breakout to the upside might occur.
As midterm target by year end I see the 1.21$ area as realistic (based on the Nov 21 high) and a shortterm target at 0.72$.
A positive outcome of the SEC might be the trigger for the breakout. Don't buy any rumors. Thus, always buy the facts in the chart as they are telling you the story in advance before actual news transpire.
Always remember, the journey is the reward.
Ned aka Sky Lion
The Ripple (XRPUST) chart - currently trading at 0.437$ - on the Monthly chart on Binance looks quit bullish for me and is on the verge to break out out of the symmetrical triangle, which is often seen as a continuation pattern.
I'd expect a power move to the upside given the confluence of several technical indicators:
Steve's Power Trend Indicator has been bullish in April 23 same as the Hash Ribbons which flashed a buy signal in Feb 23.
CM Ultimate MACD is close to do a bullish crossover and I would wait for high breakout volume and increased volatility given the trend of decreasing volume inside the coiling within the symmetrical triangle.
The CM Williams Vix Fix to identify market bottoms has turned light green the last time already in March 23 expressing that the bottom might be in.
Bottoms on the monthly chart can take several months to form and XRP is consolidating since Jun 22 and found support around 0.32$ area which was huge area resistance in 2020 and has flipped to be support in 2023.
The price could come down again to test the lower band around 0.36-038$ of the symmetrical triangle before a final breakout to the upside might occur.
As midterm target by year end I see the 1.21$ area as realistic (based on the Nov 21 high) and a shortterm target at 0.72$.
A positive outcome of the SEC might be the trigger for the breakout. Don't buy any rumors. Thus, always buy the facts in the chart as they are telling you the story in advance before actual news transpire.
Always remember, the journey is the reward.
Ned aka Sky Lion
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