XRPUSD Incredibly strong 1D candle. Sign of a bullish break-out?

8 août

A little over a month ago (June 25, see chart below), we posted a roadmap on XRPUSD looking towards an aggressive break-out and rally above its multi-year Triangle:

Yesterday, the crypto made a massive 1D green candle (end of SEC's lawsuit), against the majority of the market sentiment and yet again it almost touched the top (Lower Highs trend-line) of the 1-year Channel Down pattern that started on the July 13 2023 High.

Just a week ago (July 31 2024), we had the last test (and rejection) of that top so a test that soon could be an early warning of a bullish break-out.

If the price breaks and closes the candle above it, we expect a W-shaped recovery that could target the 2.0 Fibonacci extension at 1.1275.

If rejected at the top again though, we would expect a re-test of the Channel's 0.618 Fib level, with a rough Target at 0.4000.

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