The important XRP supports and resistances are plotted on the chart. The canal floor support line is a very strategic support line for Ripple that Ripple has respected twice in the past. Ripple, on the other hand, has a static support/resistance level in the range of $ 0.53. Although Ripple has reacted to this level of static support over the past few weeks, I think it will probably return again to this level of support.
Ripple, on the other hand, appears to be forming a descending triangle pattern on this support level.
Given the above, my idea for the future of Ripple is as follows.
1- If the descending triangle pattern is ignored or the formation of this pattern fails, Ripple can respect the support of the channel floor. If there is no breakdown, we will face an uptrend scenario.
2- If we take the pattern of the descending triangle seriously, there is a possibility of a breakdown of the support line drawn on the bottom of Channel 1. If the 0.53 support and the channel floor are lost, where will the next stop be?
Based on this, I have drawn Channel 2.
This channel is based on 2 top prices and one le, but Fibonacci fan and Gan confirm it.
Ripple, on the other hand, appears to be forming a descending triangle pattern on this support level.
Given the above, my idea for the future of Ripple is as follows.
1- If the descending triangle pattern is ignored or the formation of this pattern fails, Ripple can respect the support of the channel floor. If there is no breakdown, we will face an uptrend scenario.
2- If we take the pattern of the descending triangle seriously, there is a possibility of a breakdown of the support line drawn on the bottom of Channel 1. If the 0.53 support and the channel floor are lost, where will the next stop be?
Based on this, I have drawn Channel 2.
This channel is based on 2 top prices and one le, but Fibonacci fan and Gan confirm it.