XRP/USD - Opportunity To BuyXRP has been making some successive higher lows as of late, giving a nice steady up move, which price has also conformed to the side-wards support line illustrated on the chart. And today on the retest of side-wards support, there was yet another green candle showing continued enthusiasm to stay above the side-wards support line.
Despite the nice green candle on the retest of of the support, the candle is still below the 50 moving average and there is a possibility it is being used as resistance (albeit unlikely). If price breaks, and closes above 0.4640, then that pretty much confirms that XRP is going to stay to the upside, perhaps having sufficient momentum to get to upside target.
If price breaks and closes below 0.4390, and later 0.4310, then price is likely to instead go to the downside, where it will likely retest 0.4035 which is the where the 200 major moving average lies, before bouncing to the upside again.
Bear in mind if price does come lower and test the 200 moving average then there is a danger that when XRP comes back up it will use the current side-wards support as a resistance level, along with the 50 moving average which would also be used as resistance at around 0.4450. So if you buy at the low of 200 MA, you'll need to buy fast to make an appropriate R/R profile... Or you'll be eating like a bird and pooping like an elephant.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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