Since August 2019, the XRP price has been trading inside a range between 2450-3350 satoshis. Throughout this range, it has twice decreased below the support area only for a short period of time.
The first time was on September 6, 2019. What followed was an upward move that led to a failed breakout above the range high.
The price decreased below this are on March 25 and created a bullish engulfing candlestick the next day. If it acts in a similar manner to September 2019, it will soon move towards the range EQ and eventually the range high.
A failure to do so would likely cause the price to decrease towards the next support area at 1400 satoshis, invalidating the possibility of ''Bottom accumulation''.
The daily RSI can be a good indicator of the direction of the price movement. If it is successful in moving above the 50-line, the price will likely move upwards. A rejection from the 50-line could cause a breakdown.
Please leave a LIKE and COMMENT if you enjoy the idea
The first time was on September 6, 2019. What followed was an upward move that led to a failed breakout above the range high.
The price decreased below this are on March 25 and created a bullish engulfing candlestick the next day. If it acts in a similar manner to September 2019, it will soon move towards the range EQ and eventually the range high.
A failure to do so would likely cause the price to decrease towards the next support area at 1400 satoshis, invalidating the possibility of ''Bottom accumulation''.
The daily RSI can be a good indicator of the direction of the price movement. If it is successful in moving above the 50-line, the price will likely move upwards. A rejection from the 50-line could cause a breakdown.
Please leave a LIKE and COMMENT if you enjoy the idea