Price has found support at the $1.07 region which is great and is currently working within a Symmetrical Triangle. Price is virtually at the apex of the Symmetrical Triangle so I am expecting it to break-out very soon.
- I am bullish on XRP so my bias would be a breakout to the upside with a price target of $1.14, however price could break down with a target of $0.99.
- There is a resistance zone to at $1.1238 and $1.1355 which we need to break through.
- If price finds support above $1.1355 and we break the 50% Fib Level I would consider this very bullish. We could have a clear run to $1.30, or we might find resistance at the 61.8% Fib Level ($1.20).
Trade closed: target reached:
My bias was correct, price broke to the upside exceeding its price target of $1.14 and ended up hitting resistance at $1.20 which was the 61.8% Fib Level. Our hope is that price finds support around the $1.13 region.
My bias was correct, price broke to the upside exceeding its price target of $1.14 and ended up hitting resistance at $1.20 which was the 61.8% Fib Level. Our hope is that price finds support around the $1.13 region.
