Here is one trade that I have been looking for awhile. Some time ago XPR finally found support on 50 EMA again. If you look back at the time before the all time high, this was crucial point. Now the test of this support will probably occur in hard way. On the chart you can see the heavy resistance represented by red line. Now, to make it even harder for XRP there is also 200EMA.
XRP was not able to establish this level as the support even when two breaks already occurred. Now is the XRP squeezed between support and resistance. Hopefully support of 50EMA will be enough to cross red resistance line together with 200EMA and establish it as new support level. If this happen, we might get strong upside movement.Since XRP would crossed two powerful resistance levels. If, however, 50EMA breaks down, there is not much support levels, the closest one is probably blue line. As we can see that market is currently oversold (stochRSI), which might be the push that XRP need right now. We will see soon enough.
XRP was not able to establish this level as the support even when two breaks already occurred. Now is the XRP squeezed between support and resistance. Hopefully support of 50EMA will be enough to cross red resistance line together with 200EMA and establish it as new support level. If this happen, we might get strong upside movement.Since XRP would crossed two powerful resistance levels. If, however, 50EMA breaks down, there is not much support levels, the closest one is probably blue line. As we can see that market is currently oversold (stochRSI), which might be the push that XRP need right now. We will see soon enough.