XRP's Tether (USDT) pairing has been trading within a descending wedge over the past few weeks. In this analysis, we take a look at the bullish and bearish technicals suggested by XRP's chart.
Bullish Evidence
- A descending wedge pattern is typically known as a bullish reversal pattern - We can count Elliott Triangle Waves (ABCDE), where we have currently seen the last wave take place - We are currently testing the 0.236 Fibonacci resistance - The Moving Average Convergence Divergence (MACD) is showing a potential golden cross
Bearish Evidence
- There is strong resistance around the 0.236 Fibonacci resistance - The Relative Strength Index is trading inside a descending parallel channel, creating lower highs and lower lows - The MACD's moving averages are forming lower highs and lower lows as well
What We Believe
Given that the overall market behaves, we can see a potentially bullish breakout for XRP on the weekly. However, a rejection at the 0.236 Fibonacci resistance or the descending trend lien resistance would negate a scenario for the breakout.
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