Higher timeframe showing XRP continuing with its downtrend. Stochastic RSI showing momentum remains in favor of bears. Major support @ $0.1700 tested multiple times, possible reversal at this level.
Zooming in on the weekly timeframe we see price has formed multiple higher lows around our $0.1800 support(Green-Box), shifting over to our smaller timeframes will give us a better perspective
Shifting over to our pattern timeframe we see XRP has broken out of its minor downtrend and is now consolidating and building up momentum towards the upside. The bullish divergence is shown in the Stochastic RSI further supports our analysis of a move towards the upside. Resistance @ $0.1970 now being tested, a daily close above this level could lead to $0.2200.
Finally shifting over to our trigger timeframe we see the price now looking to break out of its major downtrend, with resistance at $0.2100. A 4hour close above $0.1970 confirms a move towards the upside. this trade is currently up 1.15% from our initial entry. In conclusion, regardless of whether we move up or down, this is the perfect time to add to the XRP bag and play the position game.
