XRP/USDT - XRP is testing an abandoned formation
Hello everyone, I invite you to take a look at the XRP/USDT chart on the one-day time frame. As we can see, we are just below the downtrend line that XRP is clearly trying to break.
Moreover, we see a rounded bottom pattern which after a positive resistance test is characterized by an upward breakout, in this situation we need to positively test the $0.40 resistance which is now price support, then we can see the $0.43 resistance, then a strong resistance zone from $0.46 to $0.50.
However, if it happens that the price does not keep up with the pattern and our expectations, we can see a correction in this situation, we have the first support at $0.40, the second support at $0.38, the third at $0.37, then the support zone from $0.35 to $0.34.
The CHOP index indicates that we have a lot of energy, the MACD indicates the entry into a downward trend, while the RSI shows a rebound and a visible downward trend.
Moreover, we see a rounded bottom pattern which after a positive resistance test is characterized by an upward breakout, in this situation we need to positively test the $0.40 resistance which is now price support, then we can see the $0.43 resistance, then a strong resistance zone from $0.46 to $0.50.
However, if it happens that the price does not keep up with the pattern and our expectations, we can see a correction in this situation, we have the first support at $0.40, the second support at $0.38, the third at $0.37, then the support zone from $0.35 to $0.34.
The CHOP index indicates that we have a lot of energy, the MACD indicates the entry into a downward trend, while the RSI shows a rebound and a visible downward trend.