Hey friends, hope you are well, and welcome to the new update on XRP.
Big bullish BAT has done its job as predicted:
Three days ago I posted an idea in which I showed that how the price action of XRP has completed another bullish reversal BAT move and entered in potential reversal zone. There were also 50 and 100 simple moving averages as supports in the buying zone. Now finally the price action has surged from $ 0.25 to $0.51 so far.
The previous idea before the rally:
Previous idea after the rally:
Support and resistance levels:
At the same time, the price action of the XRP coin found strong support at $0.22, therefore I suggest to use this level as stop loss. Now the next long-term resistance is at $0.70 and then $0.93 and definitely, $1 will be working as psychological resistance as well.
The retracement at golden ratio:
If we take a closer look at the hourly chart, then it can be clearly seen that after the rally the price action has been retraced very close to between 0.50 to 0.618 Fibonacci level that is very close to the golden ratio, and now it has again rallied to break the $0.50 level that is a short-term resistance level.
For exact buy and sell targets for this trade, and other harmonic trading signals you can join:
The harmonic move and the retracement up to the golden ratio can be taken as a signal that the XRP may continue this rally in the long-term. And if the price action will be closed above the $0.50 on the hourly chart then the next move can be up to $0.70.