If you look at my chart, you can see that Ripple is actually accumulating from August 19th. Currently, the price is within the resistance zone at its highest point, which implies that Ripple must experience the "pamp" (30% chance) or face failure against this resistance soon (70% chance). Naturally, this situation is influenced by BTC. Presently, volatility is low, and there are no active market buyers. I need to wait for a couple of hours to confirm this, but the 1-hour candles currently indicate the presence of a seller nearby.
Therefore, I'm uncertain about a breakout; a breakdown seems more likely, given the unfavorable formation on the 1-hour chart. This situation could be described as a bearish triangle trap. The sole factor that might prompt me to enter a long position is a significant BTC rally accompanied by XRP breaking out at 0.5360.
Let's wait and see. Good luck!
Therefore, I'm uncertain about a breakout; a breakdown seems more likely, given the unfavorable formation on the 1-hour chart. This situation could be described as a bearish triangle trap. The sole factor that might prompt me to enter a long position is a significant BTC rally accompanied by XRP breaking out at 0.5360.
Let's wait and see. Good luck!
Trade closed: target reached
50%Trade closed: target reached
100%
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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.