Over the last 3 weeks, traders, investors and speculators alike have witnessed huge moves on XRP!

These swing moves have captured my attention like a roller coaster ride.

Who could have thought that after a strong rejection on the weekly supply starting at $0.74, XRPUSD rebounded to re-test that level and printed a higher high on the back of fake XRP ETF spot rumours that I believed both the buyers and sellers caught off-guard!

The bad side, many has speculated that it was a pure manipulation but the good side we can unfold trading patterns based on these moves and might help us predict at least where XRP's price heading next.

But remember, dealing with crypto markets is extremely risky due to high levels of volatility so please consider this analysis carefully.

This week alone has loaded with more news too, ranging from Binance CEO stepping down and upcoming closed meeting announcement between Ripple and SEC.

I'm a fan of this trading saying, "show me the news and I show you the charts". What matters now is that I can see a huge weekly megaphone structure and I bet this is a bullish expanding triangle uptrend continuation that be very tricky because in this setup, both higher highs and lower lows can occur! Highly volatile trading!

Although this TA sounds more like a long-term view, I set a short-term long setup on $0.59 for the possible pullback after a bullish candle yesterday. Exiting at 0.68 and 0.54 stop loss. A 1.33 risk:reward score.

Huge XRP Weekly Megaphone Structure Revealed. Huge Moves Ahead!

Nov 23 2023

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