Speculative play on the XRP Weekly chart..
If you look at the previous price action we have a similar scenario setting up on the Weekly chart.
In November 2020 price action broke out from the mid Bollinger Band line and cleared the upper band in a parabolic fashion.
Upon trend reversal, it was the 50 day Moving Average that acted as support and set XRP up for its April 2021 pump.
Since April we have been selling off hard and have once again found price action looking for support on the 50 day MA.
If the recipe is the same we should see an explosive reaction to these market conditions.
play at your own risk...
Not Financial Advice.
If you look at the previous price action we have a similar scenario setting up on the Weekly chart.
In November 2020 price action broke out from the mid Bollinger Band line and cleared the upper band in a parabolic fashion.
Upon trend reversal, it was the 50 day Moving Average that acted as support and set XRP up for its April 2021 pump.
Since April we have been selling off hard and have once again found price action looking for support on the 50 day MA.
If the recipe is the same we should see an explosive reaction to these market conditions.
play at your own risk...
Not Financial Advice.
Comment:
In terms of larger timeframes this trade is still looking great! XRP has always been a matter of when not if..