XRP/USDT forming downward sloping bull flag in an uptrend
Ripple XRP to the tethered USD is forming a nice sharp downward sloping bull flag in a uptrend. A downward sloping bull flag indicates seller exhaustion, making the bullish pattern even stronger. And when this occurs in an uptrend, the bull case is even more valid. To further drive my point home, XRP is wicking off of the 20-day moving average on the daily chart, using that area as resistance with a nice bullish candle body barely below it, and a long upper shadow striking through (see below)
The fact that XRP still hasn't broke through its 20-day moving average shows we still haven't seen it's biggest gains yet. Once it breaks through the 20-day ma on the daily chart and closes with a nice green candle body above it, XRP will have a much greater breakout than the one we've seen this past week. This would be no surprise as XRP with the 3rd largest market cap has been beaten down for so long.
The measured move of the current bull pole bull flag is around the 55 cent area, a ~13% upside.
Good luck XRP.
The fact that XRP still hasn't broke through its 20-day moving average shows we still haven't seen it's biggest gains yet. Once it breaks through the 20-day ma on the daily chart and closes with a nice green candle body above it, XRP will have a much greater breakout than the one we've seen this past week. This would be no surprise as XRP with the 3rd largest market cap has been beaten down for so long.
The measured move of the current bull pole bull flag is around the 55 cent area, a ~13% upside.
Good luck XRP.