Ripple (XRP) An Imminent Breakout Expected

By moon333 | moon333 | 8 Dec 2020


Hey friends, hope you are well and welcome to the new update on XRP coin.

 

Attempting to breakout next resistance:

On weekly chart, the price action of XRP 1st broke out the $0.31 key level resistance and now trying to breakout the $0.60 resistance. The simple moving average has crossed up the 100 SMA and now the 50 simple moving average is also moving up to for a bull cross with 100 SMA that can produce a more powerful rally.

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Formation of bullish BAT pattern:

On small time period 4-hour chart, the priceline is completing the final leg of bullish BAT. The potential reversal zone of this pattern starts from $ 0.5609 and ends at $ 0.5523.

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1st bull flag:

On daily chart the priceline has formed 1st bull flag after breaking out $0.31 resistance. Now the priceline is at the end of this flag which is infact a symmetrical triangle as well. The EMAs 10 and 21 are providing strong support to price action therefore a breakout is possible within next 2 days. This breakout can lead the price action of XRP to $0.80.

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Conclusion:

The price action of XRP has completed a setup to hit $0.80 within next 48 hours, but we should take care of the EMAs on daily chart. If the 21 EMA will be broken down and EMA 10 will cross down the EMA 21 then a possible rally to the downside can be started on mid-term.

 

 

 

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moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

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