Ripple has changed little lately and it develops a potential upside continuation pattern. The current narrow range makes us stay away before getting confirmation that XRP/USD will develop an important swing higher.
The downside seems limited after the latest development, so we could think that the pair will start increasing again soon. Technically, XRP/USD seems undecided, but coming back above 0.50000 psychological level signals a new leg higher.
XRP/USD Prints A Continuation Pattern!
Ripple passed above the black downtrend line and now is developing a triangle. Its failure to approach and retest the descending pitchfork’s median line (ML) signals an upside breakout and a bullish continuation.
It could still increase as long as it stays above the red uptrend line. A valid breakout above the upper median line (UML) represents a first bullish signal. Jumping above the Pivot Point (0.50459) and registering a breakout above the triangle’s resistance indicates a strong growth ahead.
The upside scenario becomes invalid if XRP/USD drops and stabilizes under the uptrend line.
XRP/USD Trading Tips!
Buy a false breakdown with great separation (Pin Bar) through the triangle’s downside line, a major bullish engulfing, or a valid breakout above the triangle’s resistance. Getting out from the descending pitchfork’s body and from the symmetrical triangle confirms an important swing higher in the medium to the long term.
The material has been provided by InstaForex Company – www.instaforex.com
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