Ripple has changed little lately and it develops a potential upside continuation pattern. The current narrow range makes us stay away before getting confirmation that XRP/USD will develop an important swing higher.
The downside seems limited after the latest development, so we could think that the pair will start increasing again soon. Technically, XRP/USD seems undecided, but coming back above 0.50000 psychological level signals a new leg higher.
XRP/USD Prints A Continuation Pattern!
Ripple passed above the black downtrend line and now is developing a triangle. Its failure to approach and retest the descending pitchfork's median line (ML) signals an upside breakout and a bullish continuation.
It could still increase as long as it stays above the red uptrend line. A valid breakout above the upper median line (UML) represents a first bullish signal. Jumping above the Pivot Point (0.50459) and registering a breakout above the triangle's resistance indicates a strong growth ahead.
The upside scenario becomes invalid if XRP/USD drops and stabilizes under the uptrend line.
XRP/USD Trading Tips!
Buy a false breakdown with great separation (Pin Bar) through the triangle's downside line, a major bullish engulfing, or a valid breakout above the triangle's resistance. Getting out from the descending pitchfork's body and from the symmetrical triangle confirms an important swing higher in the medium to the long term.
