XRP Recovery: Low RISK, High REWARD setup now in play

A solid reverse head-and-shoulders pattern has been confirmed after the recent XRP retracement in line with BTC and most major alts.

Support at 0.26 (yellow line) is now holding strong with good volume and will form the catalyst for a bounce towards first target of 0.29 as long as price holds about 0.257

A flush break up towards 0.32 may also play out.

Fundamentals remain strong for XRP.

Kommentar:

XRP wicked down below 0.257 (as is the volatile nature of crypto) on the back of a nasty $700 BTC dump in the space of a few minutes.

Let's see if it pulls back above 0.257 to keep this pattern in play.

Trade ist aktiv:

FIRST TARGET = 0.29
HIT and formed resistance (as anticipated 3-days ago).

NEW TARGET= 0.32 (provided new support at 0.28 holds and BTC does not capitulate below $10k again to pull the market lower!).

Kommentar:

New support at 0.27....
Expect range-bound movement towards 0.29 for some time now before next attempt at 0.30+ ranges