XRPUSD: A breakout above $0.38 is necessaryPOLONIEX:XRPUSDT
Dear traders,
please enjoy my trading analysis, I go straight to the point, no bla bla.
KPIs
-XRP has to break above $0.38 to start a reversal tendency
-If it fails, we could go back to $0.20 - $0.28 zone
-In my opinion, between $0.28 and $0.38 is a no buying zone - we should have a confirmation (with volume) above or below
Arguments
1) Current $0.38 objective is based on the long term parabolic downtrend - it is used as a resistance (in white) - look at how XRP tries to get out of this circle but failed systematically - the more it tries, the more it goes down. Pay attention at how XRP is stuck between this white parabolic trendline and the purple middle term support. To some point, XRP will get it out and explode.
In my future analysis, I will provide details on retracement, so we will be able to narrow down price movement and identify buying or selling opportunities.
2) The second resistance is the EMA55 - XRP succeeded to break it in April but failed against the long term parabolic trendline - today, the long term parabolic trendline is touching EMA55 - so, we might assume that the rock bottom is here or very close, as if XRP breaks EMA55, it will also break the long term trendline - which never happened.
3) In orange, I have drawn a support and resistance line where XRP bounced back and forth; we can potentially foresee an upward price movement based on this inverted triangle.
4) Price contraction among EMA55 long term parabolic downtrend, long term support in orange and middle term support in purple indicate a big price move soon or later.
Ma maîtrise est sans faille et mon Skill sans égal.
Magic'ArKaiN
