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In the last two (2) weeks, XRP The price of the ripple had been exchanged in what appeared to be a flag pattern 39. Bear that one would have thought would be probable resolution in the direction of the primary tendency, which is inferior.
However, XRP had other things in mind for investors / traders like Ripple ripped yesterday in a higher ground on a huge volume that surely attracted the attention of those who continue to follow from near the daily action in the whole panorama of cryptocurrencies.
While XRP has further worked itself from a technical point of view, yesterday's action caught our attention, grandly with the Big Stick; Big Volume action that we can see from the daily chart below:
Looking at the daily chart above, we can clearly testify to the move introduced by Ripple in yesterday's session. In addition to the bar and large volume, we can also testify that XRP has blown up and through its 20-day moving average and is now resting at its 50-day SMA.
In addition, it's been five (5) months since Ripple witnessed this type of volume explosion, so both investors and traders could take notice and pay attention.
As already mentioned, while Ripple still has one more work to do to repair the damage done during the 2018 and continues to be well below the 200-day moving average, it's days like yesterday that & # 39 ; can & # 39; be the first shot in the bow that potentially fuels more firepower in the coming days / weeks.
both investors and traders may wish to use the following levels for further clues / evidence regarding forward direction.
If XRP can pass the next few days to touch / consolidate yesterday's push into a higher ground, but we Only have the realization of a right shoulder in a potential inverted Head-and-Should scheme which would certainly be constructive and healthy if this development materialized.
Nonetheless, IF, Ripple is able to go "up" of the .38 figure at any time in the following days / weeks, this development, if it occurred, could trigger its next advance in the area .42 – .47 , representing a 30-40% shift from current levels. On the downside, the area .25 – .26 should offer potential short-term support.
Therefore, while some break and breath would surely make a good Ripple and allow him to build more energy / cause for another attempt at higher levels, both investors and traders may want to pay close attention to the action in Ripple in the following days / weeks. We could simply experience another rift in higher ground.
As always, Risk Management remains a priority in the first place, especially when it contrasts with the primary general trend of the tape, which remains lower for now.
Happy Trading! [19659003] ~ iBC
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Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pexels
Charts courtesy of Trading view
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