"Jack's Trading Classroom" XRPUSD Ripple Coin Indicator Pattern Trend Analysis

Original trading classroom by Jack, "XRPUSD Ripple Coin Indicator Combined Pattern Trend Analysis"

Currently, we are looking at the six-hour candlestick chart of XRPUSD Ripple. After reaching a high of 0.3285 on August 17, 2020, Ripple experienced a significant decline, hitting a low of 0.2192 on September 24, 2020.

As mentioned in a previous article, any price action before the low of 0.2192 was considered a downtrend. Now, a midterm trend has formed a bottom pattern - a head and shoulders bottom. The red trend line above is the resistance neckline trend line. Until this trend line is broken, the formation of the bottom pattern is pending. The trend is expected to turn bullish in the medium to long term once the breakout occurs.

Based on indicators, Ripple has retraced to the daily support moving average channel EMA144 and EMA169, with the price closing above the EMA12 filtering line. In the daily chart, there is a high probability of an upward trend in the future.

If the neckline trend line is breached, or if a breakout order is set above the resistance level of 0.2606, it could trigger further upward movement. The price is expected to target two profit-taking levels: the Fibonacci resistance range of 127.2-138.20 at 0.2719-0.2764, Fibonacci sequence 200 at 0.3020. It is advisable to set stop losses around the right shoulder or head.

Resistance levels
R1 0.2606
R2 0.2926
Support levels
S1 0.2424
S2 0.2328
S3 0.2187

In recent days, the digital currency market has experienced significant volatility. It is recommended that operators strictly adhere to risk management and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions; readers should exercise caution and virtual currency trading may pose risks to your capital.

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