Here we are looking at XRPUSD on the Daily TF.
I’d like to begin this analysis by looking at macro support. As you can see, XRP has an ascending line of support which has held strong through many re-tests dating back to March of 2020.
Next, we can see that XRP had a strong MACRO resistance. Note that XRP broke out of this resistance in September of 2022 after many failed attempts.
To further validate the breakout from September of 2022, XRP re-tested previous resistance as support, and so far has bounced from that re-test. What’s very interesting about that re-test is that it tested right where our macro support and previous macro resistance meet on the chart.
If we drag our support line dating back to March 2020, you can see that XRP is currently hovering right above that line, still maintaining it as support.
Our new local resistance (blue) connected to our macro support forms a symmetrical triangle breakout re-test structure. What’s interesting about this structure is that the APEX of it is in March of 2023, when the trial brought forth by the SEC is projected to come to an end…
Until then, we will continue to monitor the local structure that XRP finds itself trading in!
Cheers!
I’d like to begin this analysis by looking at macro support. As you can see, XRP has an ascending line of support which has held strong through many re-tests dating back to March of 2020.
Next, we can see that XRP had a strong MACRO resistance. Note that XRP broke out of this resistance in September of 2022 after many failed attempts.
To further validate the breakout from September of 2022, XRP re-tested previous resistance as support, and so far has bounced from that re-test. What’s very interesting about that re-test is that it tested right where our macro support and previous macro resistance meet on the chart.
If we drag our support line dating back to March 2020, you can see that XRP is currently hovering right above that line, still maintaining it as support.
Our new local resistance (blue) connected to our macro support forms a symmetrical triangle breakout re-test structure. What’s interesting about this structure is that the APEX of it is in March of 2023, when the trial brought forth by the SEC is projected to come to an end…
Until then, we will continue to monitor the local structure that XRP finds itself trading in!
Cheers!
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