In April 2022, XRP began it's large and unfortunately rapid price decline.
All said and done, price fell ~66%.
Since then, the price has been in an accumulation range for roughly the past ~350 days forming a strong base.
On Monday, March 23rd, the price action broke above the previous rallies high that was made in September 2022.
However, that rally was denied by selling pressure, at the previous resistance point indicated by the red trend line and red arrow.
The current uptrend support, as illustrated by the orange trendline under the recent price action, signals that this reversal to an uptrend is confirmed.
(Yellow arrows = trend confirmation)
However, there is a divergence between price and volume, which means that while this may very well be a trend reversal.
Price action could still pull back and test previous support. Any trading set ups, would need to account for this.
Based on these signals and indications, I would forecast the price action pulls back if the volume continues to be lacking, followed by continuation of the trend thereby completing the current cup and handle formation.
All said and done, price fell ~66%.
Since then, the price has been in an accumulation range for roughly the past ~350 days forming a strong base.
On Monday, March 23rd, the price action broke above the previous rallies high that was made in September 2022.
However, that rally was denied by selling pressure, at the previous resistance point indicated by the red trend line and red arrow.
The current uptrend support, as illustrated by the orange trendline under the recent price action, signals that this reversal to an uptrend is confirmed.
(Yellow arrows = trend confirmation)
However, there is a divergence between price and volume, which means that while this may very well be a trend reversal.
Price action could still pull back and test previous support. Any trading set ups, would need to account for this.
Based on these signals and indications, I would forecast the price action pulls back if the volume continues to be lacking, followed by continuation of the trend thereby completing the current cup and handle formation.
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