XRP - a sleeping giant ?
Hello traders,
Here's a quick update on XRPUSD daily time-frame.
The chart is very similar to the BTCUSD. We've broken above the descending trend-line, which resulted with an explosion toward the 0.32 level which is acting as a pretty good resistance level.
Now, with BTC dominance just above 67%, and with XRP exploding while BTC melted towards 9700 - could indicate that we can anticipate some shift of the investments from btc to the alts prior thus alts could start seeing some momentum while btc takes a dive. But that's all a hearsay without the technical analysis backing it.
So, for the XRP on the daily we broke above the trend-line, came back to retest it and rejected it. So we've to focus mainly on two levels, the .29 baseline, which is a strong support level,we could break below this level that can take us back to the 0.27-0.28 to retest the trend line but as as long as we close above this one, we are fine. a close below the trendline will take us back to 25 cents.
And the second key level as mentioned - the .32 resistance, if the momentum sustains we could be consolidating in between these levels, trying to breach higher and .32 will act as a strong support, a break above will take us to .34-.35.
Here's a quick update on XRPUSD daily time-frame.
The chart is very similar to the BTCUSD. We've broken above the descending trend-line, which resulted with an explosion toward the 0.32 level which is acting as a pretty good resistance level.
Now, with BTC dominance just above 67%, and with XRP exploding while BTC melted towards 9700 - could indicate that we can anticipate some shift of the investments from btc to the alts prior thus alts could start seeing some momentum while btc takes a dive. But that's all a hearsay without the technical analysis backing it.
So, for the XRP on the daily we broke above the trend-line, came back to retest it and rejected it. So we've to focus mainly on two levels, the .29 baseline, which is a strong support level,we could break below this level that can take us back to the 0.27-0.28 to retest the trend line but as as long as we close above this one, we are fine. a close below the trendline will take us back to 25 cents.
And the second key level as mentioned - the .32 resistance, if the momentum sustains we could be consolidating in between these levels, trying to breach higher and .32 will act as a strong support, a break above will take us to .34-.35.
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