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Wednesday, August 19, 2020

Triangle pattern

Triangle pattern

XRP / U.S. dollar BITSTAMP:XRPUSD

It seems we may be consolidating into a triangle pattern on multiple time frames before we push higher. I like the current set up as the RSI has moved lower, and we seem to be garnering support in this range. At the moment, XRP is back below .30. Barring a broader market sell-off or the usual XRP shenanigans, I think we keep it range-bound in the triangle until the end of the month with an eventual break higher. If we move below the lower range of the triangle, then I guess this would invalidate the set-up, and we will begin testing some of the softer supports with the hope of finding another range to live within. If we break higher, I think we land in the .40 to .50 cent range, but as with all things crypto, who knows.



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