XRPUSD trade ideas
XRP/USD 4Hthere is an indication of an elliot wave forming a bullish pennant pattern for XRP on the 4H timeframe
#DoYourOwnRisk
XRP/USD 4Hthere is an indication of an elliot wave forming a bullish pennant pattern for XRP on the 4H timeframe
#DoYourOwnRisk
XRB/USD Best LevelXRP/USD Best Swing Trade Level (Fibo 0.618 + demand zone + Trandline)
Wait For Retracement and Find buying opportunity
XRP Clean break out on Monthly chartAs you can see XRP on the chart xrp broke out and Retested higher time frame support successfully now the up side is unlimited Xrp price will hit Three digits this bull run
xrpusdXRP wave 1 compleated in jan 2018 XRP BOTTOM ON march 2020 and XRP HEADING TOWARDS Wave 3 Which WILL BE THE LONGEST RALLY
Ripple Whales UpdateOn-chain data suggests that the recent price action for Ripple’s XRP token may not last as whales have been exiting their positions at every upswing.
Most of the buying pressure appears to be coming from retail investors, while whales have been exiting their positions.
While prices could rise to $0.95, investors must be prepared for a bull trap.
XRP has had a bullish week.
Ripple’s XRP token has enjoyed a strong tailwind after trading at a low of $0.52 on Jul. 21. The sixth-largest cryptocurrency by market cap has surged by more than 40% since then to reach a high of $0.75.
The sudden spike in buying pressure has allowed prices to overcome the resistance given by the 50-day moving average at $0.68 and turn it into support. Now, XRP must slice through the 200-day moving average at $0.77 to advance further.
The 100-day moving average at $0.95 could serve as a target for the recent upward price action if XRP breaks through the 200-day moving average.
Data analytics provider Bybt shows that the recent uptrend has mostly been driven by open interest in cryptocurrency derivatives exchanges. The total number of outstanding XRP derivative contracts has skyrocketed by $100 million since Jul. 21.
Although an increase in open interest along with a price increase is said to confirm an upward trend, most of the participants entering the market are retail investors. Until whales start accumulating again, investors must take the recent price increase with a grain of salt
If the number of addresses holding more than 1 million XRP continues to decline, the uptrend would likely be capped by the 200 or 100-day moving average. A rejection from any of these resistance levels could lead to correction towards the 50-day moving average or the $0.52 support zone.
It is worth noting that a breach of the $0.52 support could generate further losses. XRP could then target $0.40 or as low as $0.30.
XRP Price Layout, Swinging Within 200-day and 50-day MAXRP price is heading to test the 200-day MA and to do so a 11% jump is mandatory. Once the jump is successful, the next resistance levels to acquire would be around $1.07. In case of a bearish flip, the 50-day MA is acting as a strong support levels, and failing to sustain, the price may continue with the downtrend below the current levels.
It's a Bear FlagSo as per my pattern analysis it's a BEAR FLAG where the market may continues to the downtrend. So whenever a bear flag occurs in a down trend chart usually it continues to be a down Trend. I think it's good for swing and positional traders.
XRP Price Manifest a Bullish ScenarioXRP price which was trending within a descending channel, rebounded well from the critical support levels. Moreover, the healthy consolidation from the past couple of days suggests a uptrend incoming soon after the upper resistance levels breakout.
*Note:- The bullish scenario is only valid if the price crosses and holds above $0.88 else a drop may drag the price below $0.5 levels.
