XRP Claws its Way Out of The Grave! The Sleeping Giant is Awake!
Hi friends! Welcome to this update analysis on XRP! Let's get it! Looking at the weekly XRP log chart, we can see that XRP has been holding the bottom of this massive rising channel for WEEKS! And just this morning, we started to see a nice pop to the upside, off of the bottom of the channel. While this is a really healthy thing to see, XRP isn't anywhere near out of the woods yet.
Looking at the chart, we can see that just above the current price action is the 200 week MA (in purple.) While it isn't pictured on this chart, the 50 day EMA is right in the exact same area. Additionally, you can see that the prior bear market troughs are forming some lateral resistance that price is currently contending with. However, if XRP can get above those resistance levels, we will be looking at a very different technical picture.
The big question is, will the bottom of this massive channel hold or will it break? If it holds, then we are just now coming out of the bottom of the bear market in XRP. Let that sink in for a second. This could literally be the bottom, which is why I have been buying like it's the bottom. If price breaks down below the channel, then I will reassess that position. However, XRP is currently holding strong, and the path higher remains intact.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the chart, we can see that just above the current price action is the 200 week MA (in purple.) While it isn't pictured on this chart, the 50 day EMA is right in the exact same area. Additionally, you can see that the prior bear market troughs are forming some lateral resistance that price is currently contending with. However, if XRP can get above those resistance levels, we will be looking at a very different technical picture.
The big question is, will the bottom of this massive channel hold or will it break? If it holds, then we are just now coming out of the bottom of the bear market in XRP. Let that sink in for a second. This could literally be the bottom, which is why I have been buying like it's the bottom. If price breaks down below the channel, then I will reassess that position. However, XRP is currently holding strong, and the path higher remains intact.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-