XRP Bullish Mid-term $1.20 [Q1 2021]

Dec 13, 2020

Formation of a descending channel is visible on the (4H) chart. A breakout above reaches previous major resistance at approximately 0.79. At this point, we will likely see a correction where our previous .68 resistance line was back when BTC broke $19800. This line will act as support and likely lead to a bounce and break scenario. Price target for this breakout is $1.00. This will likely send XRP into a second descending channel as XRP faces the $1.00 resistance level. Basically, there are two steps to validate a breakout and activate continuations for XRPUSD here, the first point is when XRPUSD manages to move through the channel with a strong bullish volatile move and confirm it as support as it is marked in my chart, the second point needs to show up to fully complete this continuation, this will happen when XRPUSD finally closes above the range-resistance marked in red, these are the two necessary measurements to indicate a bullish continuation, in this case it is highly important that XRPUSD does not close below the trendline and EMA because it will invalidate the bullish continuation within the bullish-invalidation-zone. Rejection at approximately .79 level on Nov 24th was strong, but given the price had risen for over 100% in 1 month, it makes sense. XRP could be breaking out here soon with a potential upside here. Stoch RSI is oversold and crossing over. Wait for breakout with strong volume for confirmation.