XRP ---> totally depends on the break
hello guys...
I analyzed XRP's technical patterns and noticed that it had formed a descending parallel channel in the main time frame, with the price moving within two parallel trendlines that slope downwards. I observed that the price had touched the upper trendline three times, which suggests that there is a possibility it could break above it.
Furthermore, I noticed that in the short term, XRP has also formed an ascending channel, with the price currently compressed between the top line and the middle line. This makes a breakup more probable.
However, it's important to consider the target of the triangle pattern, which appears as a light pink triangle on the chart. In my opinion, if the price pulls back to the bottom of the channel, it could present a fantastic opportunity to enter a long position. But, I recommend waiting until the (a) or (b) area breaks before taking a position based on the breakout.
Lastly, I also observed that there were several large transactions of XRP reported on whale alert today.
_______________________________
always do your research.
If you have any questions, you can write them in the comments below, and I will answer them.
And please don't forget to support this idea with your likes and comment
I analyzed XRP's technical patterns and noticed that it had formed a descending parallel channel in the main time frame, with the price moving within two parallel trendlines that slope downwards. I observed that the price had touched the upper trendline three times, which suggests that there is a possibility it could break above it.
Furthermore, I noticed that in the short term, XRP has also formed an ascending channel, with the price currently compressed between the top line and the middle line. This makes a breakup more probable.
However, it's important to consider the target of the triangle pattern, which appears as a light pink triangle on the chart. In my opinion, if the price pulls back to the bottom of the channel, it could present a fantastic opportunity to enter a long position. But, I recommend waiting until the (a) or (b) area breaks before taking a position based on the breakout.
Lastly, I also observed that there were several large transactions of XRP reported on whale alert today.
_______________________________
always do your research.
If you have any questions, you can write them in the comments below, and I will answer them.
And please don't forget to support this idea with your likes and comment
👉 my broker:: bit.ly/HYMCMELI
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👉 my Autotarder: bit.ly/btse
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telegram channel: t.me/melikatrader94
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👉 my exchange: bit.ly/LbankMeli
____
👉 my Autotarder: bit.ly/btse
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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