And Ripple has been let go. In two weeks time XRP resistance breaks to resistance or if it is nothing. Last week the price has risen with no less than 86% and in the first half of this week again 55% on top of it. On the weekly chart the way seems to be clear to $0.87277. Is XRP going to catch its breath or will it continue at full speed? We are going to zoom in quickly.
The day chart is tremendously bullish although it currently looks like there's a breath break going on. The rsi and lbr both bend down but show tremendous bullish momentum. This may indeed indicate a breath pause. Looking at the macd we can conclude that it is still full of bullish. It makes no sense yet to look at this chart for a possible retrace as no affirmative top has been formed yet. We need to zoom in further to see more details.
Here we see a bear div after which the price has dropped a little, not something to worry about right away. It becomes less when the divergence is extended. So when the price will rise and the rsi and lbr will touch the blue trend line for the second time. These types of multi-touch divergences are generally stronger. By the way, this would fit nicely in line with my thoughts to first go to the next resistance.
Here we see a beautiful triangle, one from the book! We see a beautiful wave pattern in the triangle and now that we are heading towards the apex with decreasing volume it is inevitable that there will be a big move coming up. But on which side will it be? Statistically there is a 70% chance of an outbreak at the top and given the signals I honestly expect this as well.
The rsi is already above the middle line and the ema and the same goes for the lbr. Looking at the macd we see the bearish momentum decrease and hopefully today we will see a bullish crossover.
Conclusion:
As you probably already knew after reading the analysis, I expect that we will visit the 0.87277 next day. Whether we're going to retrace from there or crash from there I can't say anything meaningful at this point. Major support for me is currently between 0.5 - 0.57.
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