Short term XRP visits $0.221, finds support, and closes the weekly above the trend.
It then starts eating away at the $0.355 resistance until it finally breaks. After breaking $0.355 XRP hovers somewhere between $0.335 and $0.50 for a week or so.
Similarly to $0.335 one or more attempts will be needed to pass $0.51. First however $0.335 needs to be confirmed as support and close the weekly above it.
This type of behavior continues in subsequent levels but the difference is that volatility increases as XRP moves north.
Alternatively, the current weekly remains above the trendline, and testing $0.221 is skipped.
In such a scenario XRP starts attacking the $0.34-0.35 range quicker than anticipated.
A clear break above $0.35 is what most remaining bears are looking for to turn optimistic, as this has historically been a difficult level to break!
I'd also argue that passing $0.51 confirms a full-on bull-market for XRP and at that point volatility goes into overdrive.
Consolidation in the $0.335 - 0.51 range may take a couple of weeks depending on what Bitcoin does.
Ultimately $1.00 in 2020 is a conservative target if the overall market remains in an upwards trend.
What's your take? Let me know in the comments!
It then starts eating away at the $0.355 resistance until it finally breaks. After breaking $0.355 XRP hovers somewhere between $0.335 and $0.50 for a week or so.
Similarly to $0.335 one or more attempts will be needed to pass $0.51. First however $0.335 needs to be confirmed as support and close the weekly above it.
This type of behavior continues in subsequent levels but the difference is that volatility increases as XRP moves north.
Alternatively, the current weekly remains above the trendline, and testing $0.221 is skipped.
In such a scenario XRP starts attacking the $0.34-0.35 range quicker than anticipated.
A clear break above $0.35 is what most remaining bears are looking for to turn optimistic, as this has historically been a difficult level to break!
I'd also argue that passing $0.51 confirms a full-on bull-market for XRP and at that point volatility goes into overdrive.
Consolidation in the $0.335 - 0.51 range may take a couple of weeks depending on what Bitcoin does.
Ultimately $1.00 in 2020 is a conservative target if the overall market remains in an upwards trend.
What's your take? Let me know in the comments!
Notice how the 50MA (green) has been passed multiple times in the downward trend but did not manage to close above it, until recently. This is why $0.21-0.22 is our target in the first scenario as the market may want to confirm resistance becoming support.
Second scenario is more likely if the current weekly closes above the 100MA (Orange)