Company: Ripple
Ticker: XRP
Exchange: Binance
Sector: Cryptocurrency
Introduction:
Welcome to today's technical analysis. Our focus is on Ripple (XRP), a prominent cryptocurrency, traded on the Binance exchange. The weekly chart is currently showing an Ascending Triangle pattern, suggesting a possible bullish trend in the offing. (XRP/USDT)
Ascending Triangle Pattern:
The Ascending Triangle is a bullish pattern and is typically seen during an uptrend as a continuation pattern, or can also be observed in a downtrend acting as a reversal pattern. It's characterized by a flat upper trendline (resistance) and a rising lower trendline (support).
Analysis:
Previously, Ripple was in a distinct downtrend, represented by the blue dashed diagonal resistance line. However, we now appear to have entered a consolidation phase that has lasted 385 days so far, taking the form of a classic Ascending Triangle pattern.
The upper boundary, also the horizontal resistance, is at $0.55 and has 2 touch points. The lower upward-sloping boundary has an incredible 5 touch points.
Currently, the price is above the 200 EMA, supporting the thesis that we should be looking for long setups. Although we do not know when or how the price will ultimately break out, we can prepare for the more likely scenario: A breakout above the horizontal line with a clear candlestick close would be our entry. The price target would then be approximately $0.84, corresponding to a potential gain of 50.50%.
Conclusion:
Ripple's weekly chart reveals an intriguing setup in the form of an Ascending Triangle, suggesting a possible bullish trend. This setup could present a profitable long trading opportunity. However, patience is required as this is a weekly chart and it may take some time for the breakout to materialize. This setup could be considered a watchlist candidate and setting up an alert might be beneficial to not miss any breakout.
Disclaimer:
This analysis is for informational purposes only and should not be interpreted as personal investment advice. Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Always conduct your own research and consult with a professional before making any investment decisions.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you profitable trading!
Best regards,
Karim Subhieh
Ticker: XRP
Exchange: Binance
Sector: Cryptocurrency
Introduction:
Welcome to today's technical analysis. Our focus is on Ripple (XRP), a prominent cryptocurrency, traded on the Binance exchange. The weekly chart is currently showing an Ascending Triangle pattern, suggesting a possible bullish trend in the offing. (XRP/USDT)
Ascending Triangle Pattern:
The Ascending Triangle is a bullish pattern and is typically seen during an uptrend as a continuation pattern, or can also be observed in a downtrend acting as a reversal pattern. It's characterized by a flat upper trendline (resistance) and a rising lower trendline (support).
Analysis:
Previously, Ripple was in a distinct downtrend, represented by the blue dashed diagonal resistance line. However, we now appear to have entered a consolidation phase that has lasted 385 days so far, taking the form of a classic Ascending Triangle pattern.
The upper boundary, also the horizontal resistance, is at $0.55 and has 2 touch points. The lower upward-sloping boundary has an incredible 5 touch points.
Currently, the price is above the 200 EMA, supporting the thesis that we should be looking for long setups. Although we do not know when or how the price will ultimately break out, we can prepare for the more likely scenario: A breakout above the horizontal line with a clear candlestick close would be our entry. The price target would then be approximately $0.84, corresponding to a potential gain of 50.50%.
Conclusion:
Ripple's weekly chart reveals an intriguing setup in the form of an Ascending Triangle, suggesting a possible bullish trend. This setup could present a profitable long trading opportunity. However, patience is required as this is a weekly chart and it may take some time for the breakout to materialize. This setup could be considered a watchlist candidate and setting up an alert might be beneficial to not miss any breakout.
Disclaimer:
This analysis is for informational purposes only and should not be interpreted as personal investment advice. Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Always conduct your own research and consult with a professional before making any investment decisions.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you profitable trading!
Best regards,
Karim Subhieh
KSC
