3 months ago 1 min read

09:30 GMT+8 - XRP Chart Analysis

XRP On Its 15min Time Frame Showing a Falling Wedge Chart Pattern

A falling wedge is a technical chart pattern that occurs when the price of an asset is in a downtrend, but the price range between the high and low prices narrows over time. This narrowing creates a wedge-shaped pattern that slants downward in the direction of the overall trend. Falling wedges are typically bullish patterns that suggest a reversal of the downtrend is possible.

The pattern is formed by connecting the highs and lows of the price range with trendlines. The upper trendline connects the highs, while the lower trendline connects the lows. These trendlines converge as the price moves lower, creating the wedge shape.

A breakout from a falling wedge pattern occurs when the price breaks above the upper trendline. This breakout is typically accompanied by high trading volume and can signal a bullish reversal.

As of time of analyzing the market there's no entry position yet but here are the

Possible targets for the XRP price as follows:
0.4849, bonus if it breaks above said price levels

The invalid zones:
0.3463 recommended let go or cut loss

XRP on 15mins Time Frame Showing Hidden Bullish Divergence

It's important to note that technical analysis tools, such as chart patterns, are not always accurate in predicting market movements, and other factors, such as market news and events, can impact price movements.

Overall, the technical analysis is not as precise as you may anticipate because Bitcoin can still alter it.

Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.

Garrett Wyatt
Garrett Wyatt
Garrett enjoys trading and has a strong aptitude for analyzing financial markets. His passion in economics and finance has him interested in the marketplace structures of cryptocurrencies.
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