XRP Breakout: Bright futures ahead?
XRP Breakout: Bright futures ahead?

By ModernEuler | Moderncrypto | 1 week ago


Ripple (XRP) is one of the fastest and most scalable digital asset with its own blockchain, enabling real-time global payments anywhere in the world.

According to coinpaprika.com 24h volume of [XRP] is $3 368 104 574, while the XRP market cap is $13 898 002 588 which ranks it as #3 of all cryptocurrencies. It's circulating supply is 43 708 646 822 (44.00% of maximum supply).
All Time High is $3.84. 

Although Ripple's multiple partnerships with banks, and cross-border pilot programs XRP, as you see the weekly XRP BTC chart below, has been decreasing for eight months now .

351665157-1c384cde83d768b87b90c25f151ac1b6cc8a7432fc76e200efffffed07ecb996.jpeg

 

As you remember from our previous discussion, XRP has been following a descending triangle chart pattern on a weekly time frame.  (my previous article)

After breaking the previous major support levels, It has recently break out this decreasing line and retested current support level of 0.00002490 BTC.

So, after forming a double bottom chart pattern, XRPBTC pair  is now trading at 0.000031 BTC (equivalent to $0,31) at Binance.com. It seems that XRP is targeting the 0.000039 BTC (previous major lows).

So, is it time to buy now? Let's look at the indicators.

Weekly Moving Average Convergence Divergence(MACD) , Relative Strength Index (RSI) and Stochastics gives important insights about the price of XRP over the coming weeks.

 

351665157-6ff5b673225c99102bbdb54cef1a4bef6993036dd110a95efd4d36cb51e45fde.jpeg

 

Analyzing the weekly indicators above, we can see MACD has been moving upwards and  the crossover of the trigger occurred long before and the histograms' bars have started to grow  again without going negative — watch out for a signal change.

RSI is increasing after touching trend line nicely and the stochastics has been approaching of 70. 

So based on weekly charts, technical indicators tell us that a trend is bullish. 

Ichimoku Analysis

Ichimoku is swing trade range chart. It is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. That's why it provides trading signals. It was developed by journalist Goichi Hosoda and published in his 1969 book. Source: school.stockcharts.com

351665157-5153237c2d5e64d8bb7b9810079c0fe271c195c2122e29e07d4313dfd6a97c7e.jpeg

Daily Ichimoku Cloud has turned bullish and lagging span of ichimoku cloud have crossed up the priceline and the price action also crossed up the bearish cloud. So here is the check list:

As you see the daily Ichimoku graph

* prices are above the cloud,

* prices are above conversion line (Tenkan-sen) and baseline (Kijun-sen)

*Tenkan-sen (fast MA) and Kijun-sen (slow MA) lines crossover has occurred and their slopes are positive.

* Chikou span (lagging span) is above the cloud.

* Future cloud is green, meaning the future is green based on the 26-period projection. This uptrend is strengthened since the Leading Span A (green cloud line) is rising and above the Leading Span B (red cloud line). This situation produced a green cloud. Since the cloud is plotted 26 days ahead of today's price point, it indicates future support levels. school.stockcharts.com   

 

Let's finally look at the summary of daily technical indicators (taken from tradingview.com)

351665157-18c3d3c8c214df7cf51d481302b0931a034ca231f9d29e9dd70a7d3cef875dfc.jpeg

Although oscillators are neutral, moving averages are providing strong buy.

To conclude, after long correction XRP seems to be bottomed, breakout this 8 months down trend and tested the bottom recently. Indicators have given us a clear buy signal. We can set a trade using stop loss. 

Thanks for reading. I hope you’ve found it helpful.

 

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ModernEuler
ModernEuler

A crypto fun, faucet, and bounty hunter Twitter: @cryprostream


Moderncrypto
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