Hi there. It's been a week since we haven't checked XRP and let's deep dive into our analysis.
1. Current Status in Weekly Time Frame: XRP in a couple of amount of weeks continued her uptrend in a certain channel which is highlighted below.
When we draw a line from the 2020 April bottom wick and December lowest point due to the SEC lawsuit towards this week's lowest point, we can see the orange support line in the middle which brings us $0.43 as import support at the moment.
When we draw the line using the same events however considering the closing prices (but not the wicks themselves) you can get the orange resistance line on top of the 3 orange lines.
This line indicates XRP currently tried the $0.55 resistance 3 times in a row and couldn't be successful.
Considering the above explanations, XRP is stuck between the $0.43 and $0.55
2. Wave Trend Indicator, Weekly
XRP wave trend indicator as we are watching closely is still maintaining the positive structure as it was since we were discussing the expected move around $0.30 levels.
The orange resistance level below seems broken and if XRP closes above $0.43 this week (which seems it is very highly likely) then we can still expect XRP to break out the $0.55 resistance first then to proceed to $0.73.
The green signal as of this week is still open compared to the daily wave trend chart, which is about to create the green signal.
Critical Points and Conclusion
I don't know how many times we have together discussed the importance of $0.33. This level is the most critical level in XRP history which is right under the $0.43 level if we see closes below this level.
However, based on the 4H chart indications and weekly chart indications, XRP is going to try $0.55 again. If XRP successfully breaks here, we can immediately touch the $0.73 level.
Based on our analysis last week, XRP is highly expected to act crazy above $0.73 and especially $1.40-1.50 levels. The $1.50+ level is the key to the new ATHs.
As always, Important Note: None of the targets represented on defenddark.net and defenddark.com is financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.