Hey friends, hope you are well, and welcome to the new update on The XRP coin.
Previously I have been sharing bullish reversal ideas and every idea played very well and even the price action has been crossing the sell targets. The last idea that I shared was as below:
Before execution:
The pattern that was formed in the month of January, its price line was entered in the buying zone of the bullish BAT pattern that was formed on the weekly timeframe chart.
Now today, the pattern which I’m going to discuss is also formed on the weekly timeframe chart.
In the previous idea, we also had additional supports of 50 and 100 simple moving averages.
The result of the previous trade is as below:
After execution:
Different support and resistance levels:
The daily time frame chart, different support and resistance levels can be seen. At this time, XRP is at the support of $0.80.
We also have the support of 200 SMA as well, so the price action used this additional support and moved above the $0.80 support level.
Then we have the next resistances at $1.2, then $1.7, and the next resistance is $1.9.
Wide channel:
Now if we place some trendlines, then we can observe, that the price line has found down trendline support. and from this trendline, the price action is getting reversed again and again. This movement has formed a wide down channel.
Big bullish Gartley:
On the long-term weekly time frame chart, the price action of XRP has completed the final leg of the Gartley pattern. There are also 25 simple moving average support in the buying zone and 50 SMA below the buying zone.
Buying and sell targets of Gartley:
Buy between: $0.8586 to $0.5573
Sell between: $1.09 to $1.66
Stop loss:
The maximum extent of the potential reversal zone to $0.5573 can be used as a stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a profit possibility up to 195% and a high loss possibility of 36%.
Conclusion:
In the long term, the price action of the XRP has formed a big harmonic move. And if we take a look at the previous history of the XRP coin then it can be clearly noticed, that every time after forming a harmonic move the price action of the XRP coin starts a big rally, especially when these patterns are formed on the weekly time frame. Therefore, this time we can expect another big pump very soon.
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