Powerful support structure:
The price action of XRP dropped with a strong bearish move and found strong support at $0.60. This support level previously has been working as a very strong resistance. There is also a very strong support zone from $0.60 to $0. 40 .
On the weekly time frame, If we place the simple moving averages with the time period of 50, 100, and 200, then it can be seen that we have the strong support of these moving averages between $0.60 to $0. 40 . Therefore, there is a very strong support structure price level and the simple moving averages below the candlesticks. Right now the priceline is being accumulated above the 50 SMA
Stoch and MACD:
On the weekly time frame it can be clearly seen that the stochastic oscillator has entered the oversold zone. That is a clear signal that the market has been oversold. But if we take a look at the moving average convergence divergence ( MACD ) indicator, then it is giving strong bearish signals. Once the MACD will give the bullish signals then there is a strong possibility that is stochastic will also start moving up and we can expect a very powerful rally towards the upside until the stochastic will enter the overbought zone like it has done this previously.
Big bullish Gartley pattern:
In the long-term weekly time frame chart, the price action of XRP has completed the final leg of Gartley pattern . There is also 25 simple moving average support in the buying zone and 50 SMA below the buying zone. As per the Fibonacci sequence the buying and sell targets of this Cypher pattern can be as:
Buy between: $0.8586 to $0.5573
Sell between: $1.09 to $1.66
The maximum extent of the potential reversal zone to $0.5573 can be used as stop loss. As per the above targets, this trade has a profit possibility up to 195% and a high loss possibility of 36%.
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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.