XRPUSD Consolidating in Ascending Triangle
Looking at the chart of XRP on the 4-hour timeframe we see an ascending triangle that for the past week has been consolidating the price of the coin. The question on everyone's mind is what price does this coin breakout at and how can we catch it? Everybody including myself was expecting XRP to breakout to the upside this week and the coin did anything but that, however, I wouldn't put it past XRP to pump this next week.
I posted a draft of another XRP analysis over the weekend but that was to fill my short bias when we are now looking bullish again for a potential reversal. When I posted that XRP draft I didn't stretch the ascending triangle to its true bottom, which would've brought me to the conclusion that the coin is still trending inside and consolidating within the ascending triangle.
From here, I can see the price of XRP bouncing off the bottom trendline as support before moving upwards to not only close out the ascending triangle, but hit my TP's along the way up as well.
TP1 🎯 $0.6300
TP2 🎯 $0.6727
TP3 🎯 $0.69401
The $0.69401 sell target would close out the small valley created by the ascending triangle. If XRP saw a daily close above this level, which it hasn't yet, then the price would continue going upwards to touch the $0.80 resistance level before hitting $0.89 and beyond. $0.89 is the 2018 swing high price of XRP.
Also in fundamental news, Coinbase is planning to support the upcoming airdrop for XRP. On December 12th, users will receive Spark tokens directly correlated to the amount of XRP you hold in your Coinbase account. Spark is the native token of the Flare Network, a system meant to bring Ethereum-like functionality to the XRP Ledger.
As much as I want to see the price of XRP go back down to 0.40, marked on my chart as Santa's Lair, I don't think it'll go back down there and see those levels. The local bottom for this move should be around the monthly support marked at $0.572.
When I said altcoins outperform Bitcoin though, they outperform BTC when the prices go down as well. When all the cryptocurrencies are bleeding out, altcoins tend to fall a lot harder in terms of % than Bitcoin.
Let me know your thoughts on where you think the price of XRP is going in the comments below.
I posted a draft of another XRP analysis over the weekend but that was to fill my short bias when we are now looking bullish again for a potential reversal. When I posted that XRP draft I didn't stretch the ascending triangle to its true bottom, which would've brought me to the conclusion that the coin is still trending inside and consolidating within the ascending triangle.
From here, I can see the price of XRP bouncing off the bottom trendline as support before moving upwards to not only close out the ascending triangle, but hit my TP's along the way up as well.
TP1 🎯 $0.6300
TP2 🎯 $0.6727
TP3 🎯 $0.69401
The $0.69401 sell target would close out the small valley created by the ascending triangle. If XRP saw a daily close above this level, which it hasn't yet, then the price would continue going upwards to touch the $0.80 resistance level before hitting $0.89 and beyond. $0.89 is the 2018 swing high price of XRP.
Also in fundamental news, Coinbase is planning to support the upcoming airdrop for XRP. On December 12th, users will receive Spark tokens directly correlated to the amount of XRP you hold in your Coinbase account. Spark is the native token of the Flare Network, a system meant to bring Ethereum-like functionality to the XRP Ledger.
As much as I want to see the price of XRP go back down to 0.40, marked on my chart as Santa's Lair, I don't think it'll go back down there and see those levels. The local bottom for this move should be around the monthly support marked at $0.572.
When I said altcoins outperform Bitcoin though, they outperform BTC when the prices go down as well. When all the cryptocurrencies are bleeding out, altcoins tend to fall a lot harder in terms of % than Bitcoin.
Let me know your thoughts on where you think the price of XRP is going in the comments below.
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