XRP/BTC: Bullish Breakout Technical Analysis

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In this post, we’ll be taking a technical approach in analyzing the notorious cryptocurrency: XRP

Analysis
– XRP has been consolidating within a bullish descending wedge on the daily chart
– It broke out of the wedge formation, and is undergoing a phase of pullback
– Prices are currently trading below the 20 Simple Moving Average ( SMA )
– We are also seeing resistance near the 0.236 Fibonacci retracement resistance, where it converges with the trend line resistance
– However, the Relative Strength Index ( RSI ) shows signs of bullishness, as it has broken out of the long term descending trend line resistance
– What’s worth noting for XRP’s daily chart is the Moving Average Convergence Divergence ( MACD )
– The price history demonstrates that there has been big breakouts after the formation of a golden cross of the MACD
– As such, we could anticipate a bullish breakout to take place once again
– On the shorter time frame, the 4 hour chart demonstrates a bull flag pattern, with prices looking to break out imminently

Don’t predict the market. The future is all about preparation, not prediction. Take it by levels, and play by probabilities.
-Michael Wang-