Hey friends, hope you are well and welcome to a new update on the XRP coin.
More than 80% recovery rally:
After the news of a lawsuit filed against Ripple, there was a drastic drop in XRP but it has recovered 80% in a single day. On the daily chart, it spiked beyond the $0.22 support but now moved above the $0.31 level and using this level as support. Here the price action of XRP also has good support of daily 200 simple moving average.
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Simple moving averages on the long-term chart:
If we switch on the weekly chart, then the price action of XRP is breaking down the 200 and 25 simple moving averages and spiked upto 50 SMA.
Ichimoku cloud:
On weekly chart, the priceline has spiked upto the bottom support of Ichimoku bearish cloud and moved up. If this cloud will be broken down again then it can become a very strong and long-term resistance level for the XRP coin.
Long-term trendline support:
Now, I would like to recall my previous idea with you, that I published back on 21stOct 2020, when the price action was at the long term up-trendline support and based on the technical analysis I predicted that now from here the price action can start a bullish rally, and finally the priceline of XRP coin rallied more than 230%.
The previous idea before rally:
The previous idea after the 230% rally:
Now the price action has again spiked at the same up-trend line support. Therefore if anyone wants to set a stop loss then we can set the stop loss at this level. The stop loss is at $0.26 at the time of writing, but with the movement of candlesticks the stop loss can be changed, it depends where the priceline drops at this trendline.
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BAT move:
On 16 Dec I predicted, that the price action can complete the final leg of bullish BAT. Now the leg has been completed, therefore, we can set our buying and sell targets according to Fibonacci sequence of this pattern as below:
Potential reversal or buying zone: $0.3480 to $0. 0.2918
Fibonacci projection or sell zone: $0.4821 to $0.6834
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You can also view my previous video for a better understanding of this article
Conclusion:
Even though, after the recovery rally, the price line is above different supports again, but the new behind the XRP coin is too bad. Therefore we need to follow the stop loss strictly.
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