XRP/USDT: Approaching Immediate Term Resistance 15m (Jul.29)

29 ก.ค. 2020

X Force Global Analysis:


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In this analysis, we explore XRP's 15 minute chart, identifying key support and resistance zones to determine its probable scenarios.

Bullish Evidence

- To begin with, it's important to note that just as many other bullish altcoins, XRP is trading within an ascending parallel channel.
- It has been creating higher lows and higher highs
- The 20 Simple Moving Average (SMA) has formed a golden cross with the 50 SMA, providing strong support for XRP
- It has been going through phases of consolidations and breakouts. It recently broke out from a bullish pennant, and is currently consolidating once again
- We also see a hammer candle marked by the green circle, indicating strong buy interest near support zones.

Bearish Evidence

- However, it's important to note that we are trading close to the channel resistance
- We are also seeing local resistance at 0.23388 USDT, where the previous high candle had closed
- A break and close above these resistance levels are necessary for further bullish movement.

What We Believe

We believe that it's important for traders to wait for confirmation on XRP's price movements for now. While the bullish momentum is apparent, prices are trading near temporary resistance levels.

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