XRP Daily Analysis: Breaking out of Downtrend
XRP is looking increasingly more bullish, Nouvive sees XRP as testing $0.319 at the minimum today.
What do the charts say?
- XRP during the entire course of the day, yesterday has been testing the bottom of the local trend line 5 times in total, each time unable to break through the bottom tiers.
- XRP is now currently testing the upper tiers – is more than likely that it will breakout from current levels.
- Accumulation has been spiking up, whilst volume has been decreasing on all exchanges – Nouvive Intelligence points this as to a large and increasingly volatile move will be occurring shortly to allow for this move.
- On the 45M chart, the 15,55,90 MA are all crossing-over – this could see XRP at the minimum test $0.319, whilst a more volatile momentum could see XRP fly to $0.324
- This could be a false breakout, used to trap individuals in longs, as it can be read as a rising wedge, that on a volatile move can come and fill the gap at $0.295.
Nouvive Says: It is unlikely that this is a rising wedge, as XRP has tested the bottom trend line far too many times. We could see XRP breakout of the upper tiers of the trend line, before filling the gap at $0.315 to later test the previous resistance at $0.319.
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