The Ripple (XRP) course rose last night to a height of 3.09 dollars. The race is currently at The course is also broken from an important pattern. Technical analyst Erik Juffermans from NewsBit takes stock.
Course breaks out of important pattern
In our analysis on Wednesday we already pointed to the downward wig pattern in which the course was in. We predicted that XRP could already choose direction this week. This also happened with the rise yesterday. XRP is broken by the top of the pattern as can be seen on the daily graph below. How to proceed?
Where is the course going now?
The outbreak from the wig pattern is a first big step to recovery. This means that the course can look up the next horizontal resistance level just above 3.10 dollars. This is the upper purple surface on the graph below. As can be seen clearly, the race here was rejected twice last month, after which the race refilled to 2.70 dollars.
With this decrease, the course was a double bottom. This is a classic ‘Reversal’ pattern. So we have enough reason to be hopeful that the course now has enough strength to break through the resistance level. Specifically, we want to see a daily ending above 3.12 dollars.
New all-time highs for XRP?
If this succeeds, this means a higher peak compared to the highs of last month and there is an upward trend. For the time being, the race is still in a downward trend. If we get this higher peak, we can shift the next target price to the local heights around 3.55 dollars that the race took on in July.
In the short term, we can possibly expect a Retest from the diagonal trend line on the first graph. This will coincide with the level around 3 dollars and perhaps the race could fall shortly below this level. This would not be a disaster as long as there is no daily candle under the border of 3 dollars.
Source: https://newsbit.nl/xrp-koers-stijgt-hard-en-herpakt-3-tijd-voor-een-nieuw-record/
