XRPUSD When will this forgotten high cap rocket?

30 de dez. de 2022

XRPUSD has been making low flights ever since the September 23 rejection on the 0.618 Fibonacci retracement level. More specifically, since the November 08 FTX crash, it has been trading below the 1D MA50 (blue trend-line), which had so far three rejections. At the moment it is below also the 1D MA200 (orange trend-line), with the two forming last Friday the first 1D Death Cross since December 30 2021.

Since the Bear Cycle started following the April 14 2021 Top and the formation of the (still unbroken) Lower Highs trend-line (Bear Cycle's Resistance), we've had another two Death Cross patterns, one that immediately initiated a strong rally (July 18 2021) and one facilitating a sell-off (December 30 2021). Since the price has been ranged between the 1D MA50 and the mid-June Support Zone (0.31450 - 0.28680) it is more likely that the Cross will empower the break-out that takes place first. A break above the 1D MA50 would target the (dashed) Inner Lower Highs trend-line and then the April 2021 one in extension, while a break below the June Support Zone would target the -0.236 Fibonacci extension (as on May 11 2022) if not lower (-0.382 Fib).

On the long-term we can only expect XRP to reverse into a bullish trend if it breaks above the 2021 Lower Highs and ideally the 0.618 Fibonacci level where it failed on September 23, thus making the first Higher High in more than 1.5 year.