XRP flirts with Resistance : $0.62 on Horizon
BREAKING. FOR IMMEDIATE RELEASE AND INFORMED TRADE DECISION
What does the Technical Analysis suggest for XRP today?
- On the lower time frames of 2H – XRP seems ready to breakout to retest $0.62 this is as a result of appearing to be in a bullish triangle pennant.
- The RSI Stochastic is oversold, just crossing-over several moments ago. This could mean that XRP will breakout out of the triangle and above $0.55 at the minimum.
- Accumulation as a result of individuals taking profit slowed down and the uncertainty as to where the volume is coming from. However it does appear that a breakout of the triangle will force traders to fomo back into a position.
- A move higher than $0.55 would force the MA’s to cross-over allowing the $0.62 valuation to be instantly met.
- There is heavy buy-side in favour of $0.55
- Market sentiment is increasing every hour for XRP to shoot off
- This trade is a heavy trade with a lot of the market involved.
Where does Nouvive see XRP going for the rest of the week?
- The bulls have positive momentum in their favour – especially considering there will be an increase of positive fundamental news in the next few weeks.
- Increased buy-side support especially considering it is constantly breaking resistance levels.
- RSI Stochastic is unable to cross-over despite being over-brought – it is believed by Nouvive Research that RSI Stochastic will not work in the next coming weeks.
- It is believed that considering its positive momentum it will break the current resistance that is $0.53 – if that happens – $0.62 is next on the cards with $0.79 occurring thereafter.
- The XRP run will be stopped at some point.
- RSI Stochastic is illustrating over-brought
- If it is unable to break through the $0.53 resistance level – this will show a double top and it will fall past $0.42.
Nouvive Forecasts XRP, awarding it a BUY at current levels to $0.79
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