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๐Ÿ“ˆ Daily TA: XRP (XRP/USD) | 30-11-2021

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cryptospa
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All Time HIVE and hodl, dear members of LeoFinance!

Today, I would like to comment on the chart of the XRP.

In the daily chart (1D), XRP/USD has formed something similar to a Symmetrical Triangle: As can be seen from the chart, XRP/USD has been fluctuating between the support and resistance lines since the beginning of the year. Right now, the price is in the center of the triangle and is also approaching its final part. So, sooner or later, we will see in which direction the chart will exit the triangle. For now, I would say that XRP/USD is at a crossroads.

Let's have a look at the daily chart of XRP/USD from another perspective. If we add the three key Moving Averages (MAs), namely, the 30-day MA (MA 30), the 90-day MA (MA 90), and the 360-day MA (MA 360), we can see the uptrend continues - MA 360 continues to move upward: However, in the short and mid-term, the price has been consolidating, struggling to find direction. Both MA 30 and MA 90 are have been moving sideways recently. Let's hope that, sooner or later, MA 360 provides enough support for the price to resume the uptrend. For now, I will remain in wait-and-see mode.

Interestingly, in the 4-hour chart (4H), XRP/USD is trying to form a bottom (local low) at the level of the previous one. Thus, something similar to a Double Bottom may form (typical trend reversal signal): For this potential Double Bottom to be valid and try to resume the price increase, XRP/USD has to exit the Descending channel (downtrend) in the 1-hour chart (1H) in the upward direction: Right now, the price is starting to test the upper line of the channel. Let's see what happens soon.

To be continued ...

As of the time of writing, one XRP costs $1,0036 on the Bitstamp crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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