XRP is one of those cryptocurrencies that attract cult-like followers. I am not one of them.
Fundamentally I have no idea about the long term potential of XRP. HOWEVER, purely based on technicaly analysis, it looks very bullish to me.
Monthly:
1) the price finally broke above the 2018 historical ATH.
2) All momentum indicators in the bull zone.
3) Both RSI and MACD are in the overbought territory but they can remain in the OB territory for weeks and weeks when the macro bull trend begins.
4) Stochastic lines have crossed to the upside in the bull zone.
Weekly:
1) all momentum indicators are in the bull zone.
2) The price broke above the historical ATH. It is going through pull back now, but, there is a strong buying pressure around $3.15.
Daily:
1) all momentum indicators have reached the overbought territory. The lines are now rolled to the downside, however, it is likely to be a corrective move.
2) the price is hovering above EMA21 where the recent price breakout happened on Thurs 17th July. I have been monitoring price action in lower time frames such as 5 and 15 minutes, and it looks like the price does not want to go below the previous historical high at this stage.
I am not very familiar with XRP, but purely based on the current price action, it looks very bullish. For the very first time as a trader/investor, I deployed my capital to buy XRP last Wed (just under $3.00).
I have already took some profit when it hit $3.60. But I am planning to sell 90% of my XRP when it reaches $4.50 and $5.00, and let the rest run just in case it goes to the moon😅.
Fundamentally I have no idea about the long term potential of XRP. HOWEVER, purely based on technicaly analysis, it looks very bullish to me.
Monthly:
1) the price finally broke above the 2018 historical ATH.
2) All momentum indicators in the bull zone.
3) Both RSI and MACD are in the overbought territory but they can remain in the OB territory for weeks and weeks when the macro bull trend begins.
4) Stochastic lines have crossed to the upside in the bull zone.
Weekly:
1) all momentum indicators are in the bull zone.
2) The price broke above the historical ATH. It is going through pull back now, but, there is a strong buying pressure around $3.15.
Daily:
1) all momentum indicators have reached the overbought territory. The lines are now rolled to the downside, however, it is likely to be a corrective move.
2) the price is hovering above EMA21 where the recent price breakout happened on Thurs 17th July. I have been monitoring price action in lower time frames such as 5 and 15 minutes, and it looks like the price does not want to go below the previous historical high at this stage.
I am not very familiar with XRP, but purely based on the current price action, it looks very bullish. For the very first time as a trader/investor, I deployed my capital to buy XRP last Wed (just under $3.00).
I have already took some profit when it hit $3.60. But I am planning to sell 90% of my XRP when it reaches $4.50 and $5.00, and let the rest run just in case it goes to the moon😅.
Trade active
$3 zone and EMA21 in the daily chart has been working as strong resistance area in the daily chart. That area is also Fib 0.382 retracement area (Fib line drawn from recent low and recent high). It looks like a healthy consolidation to me. Momentum indicators in both weekly and monthly charts still have plenty of time before it reaches overbought territory. 4H chart is forming the double bottom at $3 and all momentum indicators are pointing to the upside. I continue to hold my bullish bias for now.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.