Hi guys, let's look at XRP from a long term perspective.
As you see in the weekly chart below, XRP has been following an upper descending trendline with lower highs.
It seems that it bottomed at 0.00004000 level. It tried to 6 time to go below this support level but it is rejected so far.
So, is this pattern a descending triangle chart pattern like this below? May be or may not.
We will confirm once we close below current support level.
If this is the case, prive will move down.
It can be a double bottom chart pattern. We will confirm once we reach the necline (0.001 level) without going below current support level.
If this is the case, prive will move up drastically.
Thanks for reading. I hope you’ve found it helpful.
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