🌠 XRP Breaks out from Consolidation 🌠🌠 If you've been following my idea's then you know what's going on right now. And before I start just wanted to say thanks for joining as usual ladies and gentlemen. Yesterday's idea we pointed out that XRP was still consolidating/trading sideways but was nonetheless pushing and it's pushed well today no doubt.
🌠 Past few days I've been pointing out that we've been within this channel consolidating between that resistance and support of 0.80 and 0.70 with price looking for a break in one direction or another. We got that confirmation after breaking past my 0.76 resistance promptly rallying up to that 0.816 mark before getting hit by what is likely some retracement.
🌠 Through that rally XRP managed to break out of it's consolidated channel breaking that 0.80 mark with relative ease. We did fall back into that channel afterwards but promptly left it to bring us to where we currently are. And for that we'll look to this 3 minute visual chart I've made for you guys.
🌠 5 minute chart tells us a long more and I've annotated most of the important things to keep stuff simple for you guys. XRP has now hit this resistance twice at 0.81 and if we can't break that expect a possible reversal to start if some whales or traders start taking profits/closing positions as we'd risk losing that 200 EMA again and with what we will have to look at 0.77 for support being that we just previously found it there at the 4:30 UTC time mark though there's only been one confirmation there so it's not a reliable support but good to note.
🌠 What I want you guys to watch for now is 0.79. We break below 0.79 and we'll risk losing that 200 and starting a reversal, should that happen and we slip then pay mind to my 0.71 support mark as that's the bottom of our consolidation channel. And below 0.71 it's no mans land as we'll call it. We just don't want to go there right now, would bring down a lot of gains for traders and bring out uncertainty, leading to volatile moves so we don't want that right now, just want support right now in the last above 0.76.
🌠 Below is the chart/link to yesterday's idea in which we pointed out XRP was consolidating but still pushing for anyone who would like a bigger picture view, the chart will still be prominent even today and until we break away from it in either direction. Again the arrows are there to keep things simple, we go below 0.71 and we fall, and above 0.80 we stand to gain another leg up and build support aiming for that $1 benchmark but first before that will be 0.90-92. Click on the idea if you missed the chance to read yesterday or are curious.
🌠 That's going to be about it for today's idea, didn't want to make it too long but had some important stuff to highlight. Main thing is that we still have the 200 EMA on the 15 minute timeframe but if we ever lose it on the 15 minute just be prepped and don't fret. Simple pay mind to the level's I've pointed out and given, that's all for today, thank you and feel free to leave a like or follow as usual, always helps.
~ Rock '
