Looking at Ripple on the four hour chart, we can see just how bullish
XRP is. It has created a healthy looking parallel channel
, and it appears to be defining the previous high as new support. The bottom side of the channel was pierced, but powerful support was found at the 50 EMA
(green circle.) The candle that pierced the bottom of the channel has a long lower wick, which is indicative of heavy accumulation of XRP. The buyers were quick to defend the 50 EMA
, and the bottom of the ascending parallel channel
. Given the newly found support, the (nearly) 38.2% retracement
, and the healthy channel, XRP appears to be poised to post new record highs. The major overhead resistance is at the high of $3.31. A break above that should send Ripple ripping to the top side of the channel.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***