Okay so generally speaking its dumb to try and analyse the charts for cryptos because they're primarily driven by bots and emotion. If we WERE to try and analyse the charts for a bit of fun and to see what they might tell us if cryto weren't such a wild beast, this is what we'd see for XRP/USD.
1.) XRP/USD has been maintaining its trek down within a pretty strong channel since 4th January
2.) Around 26 hours ago, during a pretty major rally, XRP broke the upper boundary of this channel. This has been a pretty strong resistance line up until now, so this breakout does matter.
3.) It immediately started trading sideways, with a resistance line at 1.68551 (R1), and another at 1.73523 (R2). At the time of writing it appears to have just broken through R1.
4.) There is also an upward channel forming, albeit in its very early stages. As things stand, we could see R2 broken within the next 4 hours. If this happens, there isn't really a viable resistance line this side of the downward channel, and attempting to draw a conclusion from further back would be foolish.
Longterm sentiment seems pretty good, and the movement from downwards channel > sideways trading > upward channel is encouraging. It seems sensible to see if R2 breaks, and how things go from there.
Again: All of the above should be taken with a pinch of salt, since Crypto is like a really angry rhyno that just won't ever do what its told. One cough in the wrong direction and XRP could tumble and all the chart means nothing. I only really analyse it for interest and fun purposes. Also remember that the charts change very fast, so this will be old news quite soon.
1.) XRP/USD has been maintaining its trek down within a pretty strong channel since 4th January
2.) Around 26 hours ago, during a pretty major rally, XRP broke the upper boundary of this channel. This has been a pretty strong resistance line up until now, so this breakout does matter.
3.) It immediately started trading sideways, with a resistance line at 1.68551 (R1), and another at 1.73523 (R2). At the time of writing it appears to have just broken through R1.
4.) There is also an upward channel forming, albeit in its very early stages. As things stand, we could see R2 broken within the next 4 hours. If this happens, there isn't really a viable resistance line this side of the downward channel, and attempting to draw a conclusion from further back would be foolish.
Longterm sentiment seems pretty good, and the movement from downwards channel > sideways trading > upward channel is encouraging. It seems sensible to see if R2 breaks, and how things go from there.
Again: All of the above should be taken with a pinch of salt, since Crypto is like a really angry rhyno that just won't ever do what its told. One cough in the wrong direction and XRP could tumble and all the chart means nothing. I only really analyse it for interest and fun purposes. Also remember that the charts change very fast, so this will be old news quite soon.