Ripple, having a strong foot hold in the fintech and blockchain industry, is a solid long crypto currency, despite the fact it retraces.

Looking at the daily chart, we will analyze the pair technically.

XRP is standing at the price point of 0.66. This price is the bottomed out price for the market. The price where the market stand currently, is a solid support and demand zone, where major institutions will hop on to buy the cryptocurrency. Last time market visited this level was back in June, 2021. This time, this level becomes increasingly interesting given the fact market bounced off it quiet reasonably previously.

There is a bullish wedge pattern formed on the pair. The resistance trendline is still under the way to be breached for the breakout buy. Whereas, the support trendline is tested the second time and might be rejected to continue moving up.

There is no current Fibonacci retracement factor to be included in the bullish analysis.

Both the EMA’s are in a strong bearish trend, with a bearish death cross. This bearish trend is strong but given market stands at the support level, there is a high probability for the market to tap or retest the EMA’s. The retest of the EMA’s will be the profit target.

Both the oscillators are moving away in to the neutralized levels from their bearish, oversold regions. Currently, RSI is at 32 and CCI is at -42. The best factor in this case would be for the oscillators to breach the neutralized levels and then confirm the trade setup for the bullish run.

We would be taking the XRP long setup at the current given prices. This support needs to be respected and average us a 50% return if it reaches our target.

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Vasl Capital

Feb 02 2022

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