We can see price action on the weekly xrpeth chart is peeking above the neckline of an inverse head and shoulder pattern here. If we can close this weekly candle above it and see a bullish volume impulse on next weeks candle we should be able to confirm this breakout which has a target that would lead to xrp gaining 59% in value against ethereum. For now this isn’t confirmed, however you may have noticed I posted a chart a few weeks ago that showed xrp should be making even bigger gains on ethereum than that based on the triangle pattern it had broken above. So with that in mind, it doesn’t surprise me that we’ve seen this many daily green candles on the xrpeth chart and increases the probability of this inverse head and shoulders pattern getting validated. For now we must await the pattern validation *not financial advice*
Comment:
Price action has now closed multiple candles above the neckline…current candle is currently retesting the neckline and has sent a wick below the neckline…this breakout is not confirmed yet however if we can maintain support on this retest and close the next 1-2 daily candles above the enckline as well odds are good it will validate *not financial advice*
Comment:
This pattern must be most valid as a monthly instead of a weekly pattern.