Looking at the H4 chart, we will analyze the pair technically.

XRP is standing at the price point of 0.7220. 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. This time, this level becomes increasingly interesting given the fact market bounced off it quiet reasonably previously. We will be looking to buy ripple at a slightly lower price than the support level.

There is a bullish wedge pattern formed on the pair. The resistance trendline has been broken out for breakout buys and has been validated by the candles to continue the bull run. At this certain point, we have two descending trendlines broken out for buys, which signals a strong bulish momentum on ripple.

We will be looking to go long at the golden fibonacci retracement level of 75-78.6% . This area is in confluence with the support level and has a good potential for the market to continue moving up.

Both the EMA’s are in a strong bearish trend, but now, the death cross has been formed bullish. 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. Currently, EMA 200 is also being retested at the support level.

Both the oscillators are moving away in to the neutralized levels from their bearish, oversold regions. Currently, RSI is at 42 and CCI is at -70. 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 25% return if it reaches our target.

Ripple on the run

Mar 12 2022

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