XRP cup and handle formation - watch for move up
XRP may have completed a cup and handle formation and is in the early process of moving up. This would follow with the recent trend in breakouts from other coins and suggests a shift in market confidence (for at least the short term).
A move up is also supported by RSI on 4 hour and longer time frames.
An increase in volume would be another strong indicator that XRP is ready to make a decent sized jump before contacting resistance. Potential resistance may be strong around 1.40 and 1.60.
As with most moves under the current conditions, a failure of BTC or other major coins to continue a slow climb from recent lows will overshadow the cup and handle formation, sending XRP lower.
This is not trading advice, but rather educational. The market is still on very shaky ground despite the recent breakout on several coins. Trade wisely.
A move up is also supported by RSI on 4 hour and longer time frames.
An increase in volume would be another strong indicator that XRP is ready to make a decent sized jump before contacting resistance. Potential resistance may be strong around 1.40 and 1.60.
As with most moves under the current conditions, a failure of BTC or other major coins to continue a slow climb from recent lows will overshadow the cup and handle formation, sending XRP lower.
This is not trading advice, but rather educational. The market is still on very shaky ground despite the recent breakout on several coins. Trade wisely.
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A zoomed out view to show the trends in RSI and MACD.
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looks to be hung up on the trendlines and while BTC decides if it is going to push through 9500-10000. If BTC can't make that push, then it appears likely it will all come down again in the short term (at least).