We have some heavy price action which has recently broke and this could be the sign of XRP climbing upwards to key levels not seen since May.
1) Weekly Trendline - this has been in state since November 2021 - this hasn't been broken since price action in late September (Bullish)
2) XRP has Strongly broken out of 100 day range trading between $0.30-$0.38 (Bullish)
3) Strong Bullish Volume - this weight has not been seen on the Daily all year
4) Bullish Pennant forming outside of the Weekly Trendline break. Currently on the 12th day of this pattern - we could see this pattern take a few more days to for (Bullish)
5) If price was to break out of the Pennant we look to $0.50 for the BOS and if this is true then we can expect a new strong trend
Take profit areas
Look to previous Market Structure and i use a simple technique such as LH/LL for price points ( when the market reverses to the upside) - there's a long way to go before we hit $1.00 and we need to reclaim areas we lost this year such as
$0.58
$0.65
$0.79
$0.87
Let me know you thoughts on XRP going forward
1) Weekly Trendline - this has been in state since November 2021 - this hasn't been broken since price action in late September (Bullish)
2) XRP has Strongly broken out of 100 day range trading between $0.30-$0.38 (Bullish)
3) Strong Bullish Volume - this weight has not been seen on the Daily all year
4) Bullish Pennant forming outside of the Weekly Trendline break. Currently on the 12th day of this pattern - we could see this pattern take a few more days to for (Bullish)
5) If price was to break out of the Pennant we look to $0.50 for the BOS and if this is true then we can expect a new strong trend
Take profit areas
Look to previous Market Structure and i use a simple technique such as LH/LL for price points ( when the market reverses to the upside) - there's a long way to go before we hit $1.00 and we need to reclaim areas we lost this year such as
$0.58
$0.65
$0.79
$0.87
Let me know you thoughts on XRP going forward