Ripple XRP has been consolidating since May and it's approaching the convergence of it's consolidation range.
It really looks antsy to break out here and I'm loving this chart.
The 200 day moving average is coming up to meet the price. That means the overall trend is finally meeting the price and that is usually a recipe for a bounce. We've been monitoring this situation for weeks now and it is playing out exactly how we predicted.
If we get a breakout of this range, a strong daily candle above .26, my final target is the 161.8 Fib retracement of the consolidation range.
That's pretty big guys, that means a doubling in price before this is all said and done. Will we get there overnight? probably not. A shorter term trade would be those old highs at .42, but that is still a 50% move.
Strap on your seat belts if we break this consolidation with Ripple it's going to be one hell of a ride.
Long above .26
Stop under last pivot low and 20 moving average at .20
Target 1 = .42 (old highs)
Target 2 = .60 (161.8 Fib retracement of consolidation range)
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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance .
Successful trading means proper risk sizing and trading small so you can stay in the game.
