XRP, Possible Wedge Detected, Continuation After Confirmation!

Hello, Traders Investors And Community, welcome to this analysis about the recent events, the current price-formation and what we can expect from ripple the next hours and days. As already mentioned in past analysis ripple was on the verge to a bullish breakout where it confirmed above the major falling support-line which coordinated the downtrend and is now consolidating within its channel on the local timeframes. Recently I detected some more interesting and important signs which making the bullish breakout and continuation scenario besides the head and shoulder scenario which I already mentioned more possible therefore we are looking at the locally 4-hour timeframe.

As you can examine in my chart now ripple bounced at the important support we have between 0.171 and 0.179 a third time in a row with a long and big wick in its candle, that is normally a bullish sign when it bounces from a certain level like we have seen it in these cases. The lows in that level also build the lower boundary that you see marked in blue of the overall big broadening wedge we are currently forming. As the price has bounced a third time at the major support line we can expect it to move some higher similar like we have done it already in the past bounces. When this happens we can target the upper boundary of the broadening wedge at 0.221 where the price already bounced two times and one time remaining.

After we got the remaining uptrend to the upper boundary comes the critical part in which the broadening wedge formation has to be confirmed properly to have it fully validated, this scenario happens when we bounce at the support we have in the range between 0.2 and 0.21 which you can see marked in blue at the level, a fall below this price-level and even lower can validate the broadening wedge so the level between 0.2 and 0.21 is important to hold. When the bounce happens we can expect ripple to test the upper boundary of the wedge a fourth time therefore when we test it successfully and ripple manages to climb above this can confirm the wedge, remember that this has to play out with good volatility otherwise we can still fall back into the range.

When the scenario plays out like expected and it should be technical there are two main resistance levels which need to be taken out to sustain further bullish with ripple in this scenario, firstly it is the 0.222 level and secondly, the 0.235 level after these have been taken out it is within the high likelihood spectrum that ripple provides a new higher high to us as you can see marked in my chart. At the moment the whole cryptocurrency market is in a lowe volatility range and is sending mixed signals, in some coins we can possibly still break down or to the upside, in such situations we need to keep patient and don't fall for the illogical speculative trap we see to often these times this means to be prepared for possible trend changes when they happen.

In this manner, thank you for watching, support for more market insight have a good day, and all the best!

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: XRP continued with the development of the broadening wedge till it reached the lower boundaries and finalized the wave count.

Since then, XRP bounced in the range to form a final breakout above the upper boundary and expand into this direction.