XRPUSD - Ascending Triangle / Reversal Pattern (1HR Timeframe)
Last time we looked at XRP, we were talking about a potential short squeeze upwards from a fake-out, which happened but only hit 98% of our target price.
Afterwards I stopped looking at XRP as it looked very inconsistent and showed weakness following the pump, and there you have it... massive dump coming from XRP, luckily we saw this coming and decided to hold off our positions.
So now that XRP has reached a pretty strong level, I'm seeing another potential upwards move from XRP, one that is within this Ascending Triangle, and then possibly a break of it resulting in more bullish price action. Though all things considered, the latter will depend on what happens in the current situation, and that will very much depend on Bitcoin.
In order for this pattern to play out, Bitcoin would need to move sideways and consolidate within it's price range, if it takes a dive within the next few days, then XRP will likely show weakness as well. So for the meantime as long as the support line holds steady and we break the 21MA, we could see it play out.
Afterwards I stopped looking at XRP as it looked very inconsistent and showed weakness following the pump, and there you have it... massive dump coming from XRP, luckily we saw this coming and decided to hold off our positions.
So now that XRP has reached a pretty strong level, I'm seeing another potential upwards move from XRP, one that is within this Ascending Triangle, and then possibly a break of it resulting in more bullish price action. Though all things considered, the latter will depend on what happens in the current situation, and that will very much depend on Bitcoin.
In order for this pattern to play out, Bitcoin would need to move sideways and consolidate within it's price range, if it takes a dive within the next few days, then XRP will likely show weakness as well. So for the meantime as long as the support line holds steady and we break the 21MA, we could see it play out.
Comment:
(Update): Currently fell below the Triangle, retested and got rejected, not the best situation we have here. if we're not able to break above the resistance in the next few hours, then XRP would have a bearish picture in the coming days.