||XRP/USD|| BULLISH MEDIUM TERM PROJECTION!XRP is currently sitting within a longer term consolidation phase ranging for roughly 300+ days. price is currently resting just above ranging support (between 0.47-0.50). In the following points I shall express why my perspective in the medium term is bullish.
Pendant formation: even though this formation is neutral meaning the price can go either way, i am more confident in an upward breakout based on various confluences.
projections for this formation can place the price either 0.655 for the long or 0.40 for the short, which would be an excellent buy in, however, there isn't a very high likely hood prices will reach these levels in the medium term, or maybe not even in this bull market in my opinion.
Sup & res: Price is currently being pressured into the support levels by both the current formation as well as the 100 EMA. (spring effect)
MACD: as seen on the 3 vertical lines placed on the convergence prior to a big volume spike which led to rallies, all of which reached resistance levels between 0.71-0.73. current market structure shows another convergence as volumes cross into the green and averages converge. this could be an indication of yet another breakout to our target, and potentially, with a 66.67% chance, price reaching previous resistance of 0.71+.
let me know what you think about this analysis. criticism is encouraged!
thank you for reading!
