XRP poised for more upside potential
XRPUSD had a massive run in last days. Begining of the run was pretty easy entry as XRP broke up from channel resistance area on daily chart. Now XRP in forming a new pattern with more upside potential. I'm looking at 1h chart which is showing Ascending Broadening Wedge, which is one of six Broadening Wedge patterns to be found in price charts. It’s pretty popular, and can provide good risk and reward trades. The broadening aspect of them suggests increasing price volatility and increasing volume this spells out opportunity. RSI is gaining strength, MACD is positive, which also indicates this coin has some more bull run potential.
There are a couple of ways how to trade XRP now. Price made a high, and fell back to resistance. We are now looking for higher highs and higher lows in a tight range. On the higher highs price touches, a rising trend line, this forms the upper boundary to our pattern. The higher lows make a lower rising trend line, this forms the lower boundary to our pattern. The breakout direction for top & bottom is random. The trade is to buy when price touches the lower trendline and sell at upper resistance or wait for a breakout. Very often these patterns have partial rises and partial declines that are followed by a breakout. The breakout occurs when price closes on the outside of the pattern, above the upper trendline or below the lower trendline. SL should be placed under the lower support channel.
There are a couple of ways how to trade XRP now. Price made a high, and fell back to resistance. We are now looking for higher highs and higher lows in a tight range. On the higher highs price touches, a rising trend line, this forms the upper boundary to our pattern. The higher lows make a lower rising trend line, this forms the lower boundary to our pattern. The breakout direction for top & bottom is random. The trade is to buy when price touches the lower trendline and sell at upper resistance or wait for a breakout. Very often these patterns have partial rises and partial declines that are followed by a breakout. The breakout occurs when price closes on the outside of the pattern, above the upper trendline or below the lower trendline. SL should be placed under the lower support channel.
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