Ripple (XRP) has completed shark pattern and entered in potential reversal zone for upto 77% bullish move

By moon333 | moon333 | 22 Oct 2019


About RIPPLE or XRP:

Ripple or XRP is a digital asset having indecency that is native to Ripple Consensus Ledger.
XRP is called as most fastest settlement system for financial institutions and liquidity providers looking for accessibility, global reach, and efficient settlement for inter bank flows.

 

Lets have a look at price action of XRP:

 

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On 4 day chart the price line of XRP has formed a bullish Shark pattern.

 

 

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The 25 simple moving average has crossed down the priceline and lifting the price action up and soon a golden cross between 25 to 50 and then 25 to 100 and then 50 to 100 simple moving averages is expected which will produce a massive bullish divergence.

 

 

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Price action is bounced from pivot 1st support on 4 day chart.

 

 

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RSI was oversold now turned bullish and MACD also turned strong bullish.

 

 

 

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Chop zone 1st turned weak bearish from strong bearish then turned weak bullish from weak bullish and soon it will be turned strong bullish.

 

After applying the Fibonacci calculation method on pattern the targets are as below:


Buy between: $0.3049 to $0.25697

Sell between: $0.35363 to $0.45585

 

So this trade plan has potential upto 77% profit but if the price action will cross up the 0.786 Fiboanacci level of C to D leg's projection then it can be only the initial move of XRP after that it can even go for higher high then the previous high of Jan 2018.


Regards,
Atif Akbar (moon333)

 

Disclaimer: The information contained in this article is for education purpose only, this is not intended to be investment advice, so please seek a duly licensed professional for investment advice.

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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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