XRP recently experienced a solid reversal that is now indicated by 2 strong bullish candlesticks. The first is not as strong as the second seems to be, although the second has not been completed as of yet. This candlestick looks to almost be a marubozu candlestick which is a great sign for holders of this coin or those who were able to buy the dip. As the candle comes to an end, closing bullish regardless if it marubozu would be a good sign for this coin. Along with this, it is also consolidating into a declining wedge and is expected to break very soon due to the number of touches that have already occurred on the trend lines. After the breakout of the price, it is expected to reach the strong resistance level of 0.8953, this is also where the leading span A of the Ichimoku cloud lies which would add additional resistance to keep the price under this level. Although, I believe the price is finally near its bottom, if not currently reversing from reaching the bottom. This was determined by the RSI bullish divergence along with the increasing volume. If this continues, the increase in bullish volume is expected to be a key factor in the breakout of this dip.
Important Resistance Levels: 0.8957, 0.9592, 0.1082
Important Support Levels: 0.6873, 0.5611, 0.4837
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WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
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Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 0.8957, 0.9592, 0.1082
Important Support Levels: 0.6873, 0.5611, 0.4837
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst