XRP: Ascending Triangle Breakout
Ripple (XRP) technical analysis:
Trade setup: Bullish breakout from Ascending Triangle pattern, above 200-day MA and $0.55 resistance, could signal resumption of uptrend with upside potential to $0.68.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.45. The nearest Resistance Zone is $0.55, then $0.68, and $0.92.
Trade setup: Bullish breakout from Ascending Triangle pattern, above 200-day MA and $0.55 resistance, could signal resumption of uptrend with upside potential to $0.68.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.45. The nearest Resistance Zone is $0.55, then $0.68, and $0.92.
Disclaimer
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.